Loblaw completes issuance of $500M of senior notes

Executive Summary

• Loblaw Companies Ltd. has completed the private placement issuance of $500 million in aggregate principal amount of senior unsecured notes.
• The notes carry an interest rate of 4.387% per annum and are scheduled to mature on June 16, 2035.
• Net proceeds from the offering will be utilized to repay outstanding indebtedness under the company's syndicated revolving credit facility and for general corporate purposes.

Key Details

• Issuance Amount: $500 million aggregate principal amount of senior unsecured notes.
• Interest Rate: 4.387% per annum.
• Maturity Date: June 16, 2035.
• Placement Type: Private placement to qualified accredited investors in certain provinces of Canada.
• Use of Proceeds: Repayment of outstanding indebtedness under the syndicated revolving credit facility and general corporate purposes.
• Credit Ratings:
  • Morningstar DBRS: BBB (high) with a positive trend.
  • Standard & Poor's Rating Services: BBB+.
• Ranking: Unsecured obligations ranking equally with all existing and future unsecured and unsubordinated indebtedness of the company.
• Underwriters/Agents: Syndicate led by CIBC Capital Markets, RBC Capital Markets, TD Securities, BMO Capital Markets, and Scotia Capital.
• Regulatory Status: Notes not registered under the U.S. Securities Act of 1933; not offered or sold in the United States.

Notable Quotes

• None provided in the text.