DBRS Assigns Rating of BB with a Stable Trend to Parkland Fuel Corporation’s New Debt Issuance

DBRS Limited (DBRS) assigned a rating of BB with a Stable trend to Parkland Fuel Corporation’s (Parkland; rated BB with a Stable trend by DBRS) debt issuance of USD 500 million 6.0% Senior Unsecured Notes (the Notes) due April 1, 2026, which closed on March 23, 2018.

Net proceeds from the Notes are expected to be used to repay amounts outstanding on Parkland’s credit facility. The Notes are direct senior unsecured obligations of Parkland and rank pari passu with all of Parkland’s existing and future senior unsecured indebtedness and senior in right of payment to any future subordinated indebtedness. The Notes are also effectively subordinated to all secured indebtedness, which includes Parkland’s secured debt and other secured obligations, including its credit facility.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Companies in the Merchandising Industry and DBRS Criteria: Recovery Ratings for Non-Investment Grade Corporate Issuers, which can be found on dbrs.com under Methodologies.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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