Financial Instruments

Senior Secured Notes

(in thousands of Canadian dollars)

Principal Amount: $315,000

For the current outstanding balance please refer to the note relating to the Senior secured notes in our latest Consolidated Financial Statements


November 1, 2022

Interest Rate:

10.0% per annum

Interest shall be payable in cash semi-annually in arrears in on the first day of May and November of each year (or if such day is not a Business Day1, on the next Business Day1).


Download the Trust Indenture:

Indenture Governing the Senior Secured Notes pdf - 1.4 MB


Credit Ratings

DBRS – Issuer

B (high) / stable

Standard & Poor’s – Issuer

B - / stable outlook

DBRS – Senior Secured Notes

BB (low)

Standard & Poor’s – Senior Secured Notes



1. Business Day" means each day that is not a Saturday, Sunday or other day on which commercial banking institutions in New York, New York, Toronto, Canada or Montreal, Canada are authorized or required by law to close.