DBRS Assigns Provisional Rating of BBB (low) with Stable Trend to Viterra’s New U.S. Notes Issue

DBRS has today assigned a provisional rating of BBB (low), with a Stable trend, to the proposed issuance of U.S.-dollar senior unsecured notes (the Notes) by Viterra Inc. (Viterra or the Company) due in 2020. Proceeds from the issuance are expected to be used to reduce borrowings under Viterra’s Global Credit Facility and for general corporate purposes.

The Notes will be senior unsecured obligations, ranking equally with Viterra’s other unsecured, unsubordinated indebtedness but will be effectively subordinate to any secured indebtedness and structurally subordinate to the debt and other liabilities of Viterra’s non-guarantor subsidiaries.

Viterra may redeem the Notes prior to maturity in whole or in part at any time and from time to time at a redemption price equal to the greater of 100% of the principal amount to be redeemed or a make-whole redemption price; in either case, the redemption price would include accrued and unpaid interest, if any.

DBRS will assign a final rating subject to DBRS having comfort that the Company’s final documentation is not significantly different from our expectations.

Notes:

The applicable methodology is Rating Grain Companies, which can be found on our website under Methodologies.

This is a Corporate (Consumers) rating.