Sobeys Re-enters Debt Capital Market; Announces Pricing of $300 Million Note Offering

Executive Summary

• Sobeys Inc., a wholly‑owned subsidiary of Empire Company Limited, priced a $300 million aggregate principal amount senior unsecured note offering (3.10% due 2028).
• The notes are being offered on a private placement basis in Canada with Scotia Capital Inc. and BMO Nesbitt Burns Inc. acting as co‑lead private placement agents; closing is expected on October 30, 2025.
• Net proceeds will be used to repay indebtedness under Sobeys’ existing revolving term credit facility and for general corporate purposes.

Key Details

• Offering Size & Terms: $300 million aggregate principal amount; 3.10% senior unsecured notes due October 30, 2028.
• Pricing & Closing: Notes priced on October 28, 2025; expected closing date October 30, 2025, subject to customary conditions.
• Syndicate: Co‑lead private placement agents – Scotia Capital Inc. and BMO Nesbitt Burns Inc.; additional participants – CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., TD Securities Inc.
• Use of Proceeds: Repayment of indebtedness under Sobeys’ existing revolving term credit facility; remainder for general corporate purposes.
• Ratings: provisional ratings assigned – Morningstar DBRS “BBB”, S&P Global Ratings “BBB‑”.
• Security & Ranking: Unsecured obligations ranking pari passu with all existing and future unsubordinated indebtedness of Sobeys Inc.
• Regulatory Basis: Offered in Canada on a private placement basis relying on exemptions from prospectus requirements; not registered under U.S. securities laws.

Notable Quotes

(No executive quotes were included in the release.)