TMX:
PKI
Price:
24.36
Change:
-0.25
Quotes delayed 20 minutes

Parkland Debt Instruments

Parkland maintains a revolving credit facility, a senior unsecured bond, and two publicly traded subordinate convertible debentures.  The Credit Facility is for a maximum amount of $635,000 and US$50,000 with interest only payable at the bank’s Canadian and US prime lending rate plus 0.50% to 2.75% per annum.

InstrumentSymbolCouponMaturity
$200M Senior Notes N/A 5.50% May 28, 2021
$200M Senior Notes N/A 6.00% Nov 21, 2022
$300M Senior Notes N/A 5.75% Sept 16, 2024
$500M Senior Notes N/A 5.625% May 9, 2025

Debt Ratings

 S&PDBRS
Corporate BB- BB
5.5% Senior Notes Due 2021 BB- BB
6.0% Senior Notes Due 2022 BB- BB
5.75% Senior Notes Due 2024 BB- BB
5.625% Senior Notes Due 2025 BB- BB

5.5% Senior Notes Due 2021

Aggregate original principal amount: $200,000,000
Coupon: 5.5%
Interest Schedule: Payable semi-annually in arrears on May 28 and November 28 of each year (or if such day is not a business day, the next following business day) commencing on November 28, 2014.
Maturity date: May 28, 2021

Redemption

At any time prior to May 28, 2017, the Corporation may on any one or more occasions redeem up to an aggregate of 35% of the aggregate principal amount of 5.50% Senior Notes, upon not less than 30 days’ nor more than 60 days’ notice, at a redemption price of 105.50% of the aggregate principal amount of 5.50% Senior Notes redeemed, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of one or more equity offerings; provided that: (i) at least 65% of the aggregate principal amount of 5.50% Senior Notes remains outstanding immediately after the occurrence of such redemption; and (ii) each such redemption occurs within 90 days of the date of the closing of the related equity offering.

At any time prior to May 28, 2017, the Corporation may on any one or more occasions redeem all or a part of the 5.50% Senior Notes, upon not less than 30 days’ nor more than 60 days’ notice, at the make-whole price which is equal to the greater of (a) the Canada yield price (as defined in the indenture governing the 5.50% Senior Notes) and (b) 101% of the aggregate principal amount of the 5.50% Senior Notes redeemed, plus accrued and unpaid interest, if any, to the date of redemption.

Except pursuant to the preceding paragraphs, the 5.50% Senior Notes are not redeemable at the Corporation’s option prior to May 28, 2017.

On or after May 28, 2017, the Corporation may, on any one or more occasions, redeem all or a part of the 5.50% Senior Notes upon not less than 30 days’ nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest, if any, on the 5.50% Senior Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on May 28, of the years indicated below:

Redemption YearRedemption Price
2017 104.125%
2018 102.750%
2019 101.375%
2020 and thereafter 100.000%

6.0 % Senior Notes Due 2022

Aggregate original principal amount: $200,000,000
Coupon: 6.0%
Interest Schedule: Payable semi-annually in arrears on May 21 and November 21 of each year (or if such day is not a business day, the next following business day) commencing on May 21, 2014.
Maturity date: November 21, 2022

Redemption

At any time prior to November 21, 2017, the Corporation may on any one or more occasions redeem up to an aggregate of 35% of the aggregate principal amount of 6.00% Senior Notes, upon not less than 30 days’ nor more than 60 days’ notice, at a redemption price of 106.00% of the aggregate principal amount of 6.00% Senior Notes redeemed, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of one or more equity offerings; provided that: (i) at least 65% of the aggregate principal amount of 6.00% Senior Notes remains outstanding immediately after the occurrence of such redemption; and (ii) each such redemption occurs within 90 days of the date of the closing of the related equity offering. At any time prior to November 21, 2017, the Corporation may on any one or more occasions redeem all or a part of the 6.00% Senior Notes, upon not less than 30 days’ nor more than 60 days’ notice, at the make-whole price which is equal to the greater of (a) the Canada yield price (as defined in the indenture governing the 6.00% Senior Notes) and (b) 101% of the aggregate principal amount of the 6.00% Senior Notes redeemed, plus accrued and unpaid interest, if any, to the date of redemption. Except pursuant to the preceding paragraphs, the 6.00% Senior Notes are not redeemable at the Corporation’s option prior to November 21, 2017. On or after November 21, 2017, the Corporation may, on any one or more occasions, redeem all or a part of the 6.00% Senior Notes upon not less than 30 days’ nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest, if any, on the 6.00% Senior Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on November 21, of the years indicated below:

Redemption YearRedemption Price
2017 104.500%
2018 103.000%
2019 101.500%
2020 and thereafter 100.000%

5.75% Senior Notes Due 2024

Aggregate original principal amount:  $300,000,000
Coupon:  5.75%
Interest Schedule:  Payable semi-annually in arrears on March 16 and September 17 of each year (or if such day is not a business day, the next following business day) commencing on March 16, 2017
Maturity date:  September 16, 2024

Redemption

At any time prior to September 16, 2019, the Corporation may on any one or more occasions redeem up to an aggregate of 35% of the aggregate principal amount of 5.75% Senior Notes, upon not less than 30 days’ nor more than 60 days’ notice, at a redemption price of 105.75% of the aggregate principal amount of 5.75% Senior Notes redeemed, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of one or more equity offerings; provided that: (i) at least 65% of the aggregate principal amount of 5.75% Senior Notes remains outstanding immediately after the occurrence of such redemption; and (ii) each such redemption occurs within 90 days of the date of the closing of the related equity offering.

At any time prior to September 16, 2019, the Corporation may on any one or more occasions redeem all or a part of the 5.75% Senior Notes, upon not less than 30 days’ nor more than 60 days’ notice, at the make-whole price which is equal to the greater of (a) the Canada yield price (as defined in the indenture governing the 5.75% Senior Notes) and (b) 101% of the aggregate principal amount of the 5.75% Senior Notes redeemed, plus accrued and unpaid interest, if any, to the date of redemption. Except pursuant to the preceding paragraphs, the 5.75% Senior Notes are not redeemable at the Corporation’s option prior to September 16, 2017.

On or after September 16, 2017, the Corporation may, on any one or more occasions, redeem all or a part of the 5.75% Senior Notes upon not less than 30 days’ nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest, if any, on the 5.75% Senior Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on September 16, of the years indicated below:

Redemption YearRedemption Price
2017 104.500%
2018 103.000%
2019 101.500%
2020 and thereafter 100.000%

5.625% Senior Notes Due 2025

Aggregate original principal amount:  $500,000,000
Coupon:  5.625%
Interest Schedule:  Payable semi-annually in arrears on May 9 and November 9 of each year (or if such day is not a business day, the next following business day) commencing on March 16, 2017
Maturity date:  May 9, 2025

Redemption

Forward Looking Information
Certain information included herein is forward-looking. Forward-looking statements include, without limitation, statements regarding Parkland’s future financial position, business and growth strategies, including the manner in which such strategies will be implemented, budgets, projected costs, sources of growth, capital expenditures, financial results, taxes, future acquisitions and the efficiencies to be derived therefrom, effectiveness of internal controls, sources of funding for growth capital expenditures, anticipated dividends and the amount thereof, if any, to be declared by Parkland Fuel Corporation, and plans and objectives of or involving Parkland. Many of these statements can be identified by looking for words such as “believe”, “expects”, “expected”, “will”, “intends”, “projects”, “projected”, “anticipates”, “estimates”, “continues”, or similar words and include, but are not limited to, statements regarding the accretive effects of acquisitions and the anticipated benefits of acquisitions. Parkland believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties some of which are described in Parkland’s annual information form and other continuous disclosure documents. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Parkland’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors include, but are not limited to: failure to obtain necessary regulatory or other third party consents and approvals; the failure to achieve the anticipated benefits of acquisitions; general economic; market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities including increases in taxes; changes in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. Any forward-looking statements are made as of the date hereof and Parkland does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise.

Use of cookies
When you click Agree below, a small amount of data ("a cookie") will be written to your browser, which will enable you to review information contained on this website. The cookie is valid for one week, after which you will be again prompted to accept the website legal notice. The use of cookies is very common on commercial websites and web browsers normally accept cookies. If you have turned this function off in your browser's preferences, you will need to turn it on to gain access to this portion of our website. Parkland Fuel Corporation respects your privacy and no personal information is collected or stored as part of this process.

Agree Decline