Loblaw Companies Limited announced that it has agreed to issue, on a private placement basis to qualified accredited investors in the Provinces of Canada, $500 million aggregate principal amount of senior unsecured notes of the Company (the ?Notes?) that will bear interest at a rate of 4.387% per annum and will mature on June 16, 2035 (the ?Offering?). The Notes will be sold at par and are being offered on an agency basis by a syndicate of agents led by CIBC Capital Markets, RBC Capital Markets, TD Securities, BMO Capital Markets and Scotia Capital. Subject to customary closing conditions, the Offering is expected to close on December 16, 2025.
The net proceeds of the Offering will be used by the Company to repay outstanding indebtedness under the Company?s syndicated revolving credit facility and for general corporate purposes. It is a condition of closing of the Offering that the Notes be rated at least ?BBB (high)? with a ?Positive?
trend by Morningstar DBRS 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.
The Notes have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
