Loblaw Companies Limited Completes Issuance of $400 Million of Senior Unsecured Notes

Loblaw Companies Limited (“Loblaw” or the “Company”) announced today that it has completed its previously announced issuance, on a private placement basis to qualified accredited investors in certain Provinces of Canada, of $400 million aggregate principal amount of senior unsecured notes of the Company (the “Offering”) bearing interest at a rate of 3.564% per annum and maturing on December 12, 2029 (the “Notes”).

The Company intends to use the net proceeds of the Offering to redeem all of its issued and outstanding Second Preferred Shares, Series B (the “Preferred Share Redemption”) and for general corporate purposes. For details regarding the Preferred Share Redemption, please see the Company’s press release dated December 9, 2024.

Morningstar DBRS has provided the Notes with a credit rating of “BBB (high)” with a “Stable” trend and Standard and Poor’s Rating Services has provided the Notes with a credit rating of “BBB+”.

The Notes are unsecured obligations of the Company and rank equally with all existing and future unsecured and unsubordinated indebtedness of the Company.

The Notes were sold on an agency basis by a syndicate of agents co-led by RBC Capital Markets, BMO Capital Markets, TD Securities, CIBC Capital Markets and Scotia Capital. The Notes have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Notes in any jurisdiction where such offer, solicitation or sale would be unlawful.

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Source: westerngrocer.com

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