Couche-Tard prices notes of U.S./Cdn-dollar offerings

Executive Summary

• Alimentation Couche-Tard Inc. has priced private offerings of senior unsecured notes in both U.S. and Canadian dollars, raising a total of $1.7 billion (USD) and $500 million (CAD) respectively.
• The U.S. dollar notes consist of two tranches: $700 million due in 2028 and $500 million due in 2035.
• The Canadian dollar notes consist of a single tranche of $500 million due in 2032.
• Net proceeds from the sale of the notes are intended to repay indebtedness under the company's U.S. commercial paper program.

Key Details

• U.S. Dollar Notes:
  • Aggregate principal amount: $1.2 billion (U.S.).
  • Tranche 1: $700 million aggregate principal amount of 4.148% senior unsecured notes due 2028.
  • Tranche 2: $500 million aggregate principal amount of 5.077% senior unsecured notes due 2035.
  • Expected closing date: On or about Sept. 29, 2025.
• Canadian Dollar Notes:
  • Aggregate principal amount: $500 million (Canadian).
  • Tranche 1: $500 million aggregate principal amount of 3.864% senior unsecured notes due 2032.
  • Expected closing date: On or about Sept. 26, 2025.
• Use of Proceeds: To repay indebtedness under its U.S. commercial paper program.
• Security and Ranking: The notes are direct unsecured obligations ranking pari passu with all other current and future senior unsecured and unsubordinated indebtedness.
• Guarantees: Guaranteed on a senior unsecured basis by certain wholly owned subsidiaries that are guarantors under Couche-Tard's senior credit facilities.

Notable Quotes

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