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LOBLAW COMPANIES LIMITED TO ISSUE $400 MILLION OF SENIOR UNSECURED NOTES
LOBLAW COMPANIES LIMITED TO ISSUE $400 MILLION OF SENIOR UNSECURED NOTES Canada NewsWir...
About this update from Loblaw Companies Limited
[{"type":"text","content":"\n\n\n\n LOBLAW COMPANIES LIMITED TO ISSUE $400 MILLION OF SENIOR UNSECURED NOTES\n \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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n\n\n\n BRAMPTON, ON\n \n\n ,\n \n\n Dec. 9, 2024\n \n\n /CNW/ - (TSX: L) – Loblaw Companies Limited (\"Loblaw\" or the \"Company\") announced today that it has agreed to issue, on a private placement basis to qualified accredited investors in the Provinces of\n \n Canada\n \n ,\n \n $400 million\n \n aggregate principal amount of senior unsecured notes of the Company (the \"Notes\") that will bear interest at a rate of\n \n 3.564\n \n % per annum and will mature on\n \n\n December 12, 2029\n \n\n (the \"Offering\").\n \n\n The Notes will be sold at par and are being offered on an agency basis by a syndicate of agents led by RBC Capital Markets, BMO Capital Markets, TD Securities, CIBC Capital Markets and Scotia Capital. Subject to customary closing conditions, the Offering is expected to close on\n \n December 12, 2024\n \n .\n \n\n The net proceeds of the Offering will be used by the Company 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\n \n December 9, 2024\n \n .\n \n\n It is a condition of closing of the Offering that the Notes be rated at least \"BBB (high)\" with a \"Stable\" trend by Morningstar DBRS 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.\n \n\n The Notes have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in\n \n the United States\n \n absent registration or an applicable exemption from the registration requirements. This pr...