Morningstar DBRS Assigns Credit Rating of A (low) With a Stable Trend to Toromont Industries Ltd.'s CAD 300 Million Senior Unsecured Notes Due March 28, 2030

DBRS Limited (Morningstar DBRS) assigns a rating of A (low) to Toromont Industries Ltd.'s (Toromont) Senior Unsecured Notes Due March 2030, offered on a private placement basis.

The $300 million, 3.76% Senior Unsecured Notes due March 28, 2030 (the Notes), are unsecured, unsubordinated obligations and will rank pari passu with existing and future unsecured, unsubordinated debt of Toromont. The net proceeds from the Notes are expected to be used for the repayment of indebtedness including the 3.71% Senior Unsecured Notes due September 30, 2025, and for general corporate purposes.

The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. Please refer to https://dbrs.morningstar.com/research/434086/morningstar-dbrs-confirms-toromont-industries-ltd-at-a-low-with-stable-trends (June 7, 2024) for more information, including all relevant disclosures.

The credit rating listed above is based on the Bond Offering Memorandum, Final Term Sheet, Third Supplemental Indenture and information provided by Toromont to Morningstar DBRS as of March 28, 2025.

Continuation of the credit rating is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purposes of monitoring the above-noted rating.

Information regarding Morningstar DBRS credit ratings, including definitions, policies, and methodologies, is available on dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

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

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