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LOBLAW COMPANIES LIMITED TO ISSUE $800 MILLION OF SENIOR UNSECURED NOTES
LOBLAW COMPANIES LIMITED TO ISSUE $800 MILLION OF SENIOR UNSECURED NOTES Canada...
About this update from Loblaw Companies Limited
[{"type":"text","content":"\n \n \n \n LOBLAW COMPANIES LIMITED TO ISSUE $800 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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n BRAMPTON, ON\n \n \n ,\n \n \n Aug. 22, 2022\n \n \n /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\n \n Canada\n \n ,\n \n $800 million\n \n aggregate principal amount of senior unsecured notes of the Company in two series (the \"Offering\"). The Offering includes (i)\n \n $400 million\n \n aggregate principal amount of series 2032 notes that will bear interest at a rate of 5.008% per annum and will mature on\n \n September 13, 2032\n \n , and (ii)\n \n $400 million\n \n aggregate principal amount of series 2052 notes that will bear interest at a rate of 5.336% per annum and will mature on\n \n September 13, 2052\n \n (collectively, the \"Notes\").\n \n \n The Notes are being offered on an agency basis by a syndicate of agents led by TD Securities, CIBC Capital Markets, RBC Capital Markets, BMO Capital Markets and Scotia Capital. Subject to customary closing conditions, the Offering is expected to close on\n \n September 13, 2022\n \n .\n \n \n The net proceeds of the Offering may be used by the Company to fund the redemption of its outstanding\n \n $800 million\n \n aggregate principal amount of 4.860% senior unsecured notes maturing\n \n September 12, 2023\n \n and for general corporate purposes.\n \n \n It is a condition of closing of the Offering that the Notes be rated at least \"BBB (high)\" with a \"Stable\" 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.\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 absen...