Loblaw Companies Limited Completes Issuance of $500 Million of Senior Unsecured Notes

Executive Summary

• Loblaw Companies Limited completed a private placement of $500 million senior unsecured notes bearing 4.387% interest, maturing June 16 2035.
• Net proceeds will be used to repay indebtedness under the company’s syndicated revolving credit facility and for general corporate purposes.
• The notes received a “BBB (high)” rating with a Positive trend from Morningstar DBRS and a “BBB+” rating from S&P.

Key Details

• Offering Size: $500 million aggregate principal amount.
• Interest Rate: 4.387% per annum.
• Maturity Date: June 16, 2035.
• Use of Proceeds: Repayment of outstanding indebtedness under the syndicated revolving credit facility; remaining funds for general corporate purposes.
• Credit Ratings: Morningstar DBRS – “BBB (high)” with Positive trend; S&P – “BBB+”.
• Placement Structure: Private placement to qualified accredited investors in selected Canadian provinces; not registered under U.S. securities laws.
• Syndicate Agents: CIBC Capital Markets, RBC Capital Markets, TD Securities, BMO Capital Markets, and Scotia Capital (lead agents).
• Security: Unsecured obligations ranking equally with all existing and future unsecured, unsubordinated indebtedness of Loblaw.

Notable Quotes

(No direct quotes were provided in the release.)