Debt Information

Debt Structure

(as at March 31, 2023)

	Rate/Coupon	Maturity	Type	Amount authorized (M CAN$)	Amount drawn or value (M CAN$)
Revolving credit facility ^{1, 2}	Variable rate	2026	Secured	750	471
Long-term notes
CAN$175 million	5,125%	2025	Unsecured		175
US$206 million	5,125%	2026	Unsecured		278
US$445 million	5,375%	2028	Unsecured		608
Term loan of US $260 million	Variable rate	2027	Secured		352
Lease obligations of subsidiaries					181
Other debts of subsidiaries					29
Lease obligations without recourse to the Corporation					20
Other debts without recourse to the Corporation					27
					2,141
Less: Unamortized financing costs					9
TOTAL LONG-TERM DEBT					2,132
Less: Current portion					88


LONG-TERM DEBT					2,044

TOTAL DEBT
Total long-term debt (including current portion)					2,132
Bank loans and advances					2
					2,134
Less: Cash and Cash equivalents					64
NET DEBT CONSOLIDATED					2,070

1. The Corporation's obligations under the revolving credit facility are secured by the inventory and receivables, as well as by the property, plant and equipment of five of its mills. 2. The facility can be reimbursed without penalty at the Corporation's option any time prior to maturity.

Long Term Debt Repayment Schedule

The estimated aggregate amounts of repayments on long term debt, excluding the other debts of subsidiaries and without recourse to the Corporation, for the next six years are as follows:

(M CAN$)

Current Credit Ratings

	Moody's	Standard & Poor's
Senior secured debt	Baa3	BB+
Senior unsecured debt	Ba3	BB-
Corporate rating	Ba2 (stable)	BB- (stable)

Cascades’ credit rating is determined by Moody’s and Standard & Poor's. These ratings are provided for information purposes only and may be modified at any time. The opinions, views or forecasts of these firms regarding Cascades’ performance are distinct from those of Cascades' management.