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Loblaw Companies Limited to Issue $350 Million of Senior Unsecured Notes
Loblaw Companies Limited to Issue $350 Million of Senior Unsecured Notes Canada Ne...
About this update from Loblaw Companies Limited
[{"type":"text","content":"\n\n\n\nLoblaw Companies Limited to Issue $350 Million of Senior Unsecured Notes\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nBRAMPTON, ON, April 30, 2020\n\n\n\nBRAMPTON, ON, April 30, 2020 /CNW/ - (TSX: L) – Today, Loblaw Companies Limited (\"Loblaw\" or the \"Company\") announced that it has agreed to issue, on a private placement basis to qualified accredited investors in each of the Provinces of Canada, $350 million aggregate principal amount of senior unsecured notes (the \"Notes\") that will bear interest at a rate of 2.284% per annum and will mature on May 7, 2030 (the \"Offering\"). \nThe Notes are being offered on an agency basis by a syndicate of agents led by TD Securities, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and Scotia Capital. Subject to customary closing conditions, the Offering is expected to close on May 7, 2020.\nThe net proceeds of the Offering may be used by the Company to partially fund the repayment of its outstanding $350 million aggregate principal amount of 5.22% Medium Term Notes, Series 2-B maturing June 18, 2020 and for general corporate purposes. \nIt is a condition of closing of the Offering that the Notes be rated at least \"BBB\" with a \"Positive\" outlook by DBRS Limited and at least \"BBB\" by Standard and Poor's Rating Services. The Notes will be unsecured obligations of the Company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the Company.\nThe 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 any sale of the Notes in any jurisdiction where such offer, solicitation or sale would be unlawful. \nAbout Loblaw Companies Limited\nLoblaw is Canada's food and pharmacy leader, and the nation's largest retailer. Loblaw provides Canadians with grocery,...