BRAMPTON, ON, Aug. 22,
2022 /CNW/ - Today, Loblaw Companies Limited
(TSX: L) ("Loblaw" or the "Company") announced that it has provided
holders of its 4.860% Series 2023 senior unsecured notes due
September 12, 2023 (the "Series 2023
Notes") with a notice of redemption pursuant to which Loblaw will
redeem the entire outstanding principal amount of the Series 2023
Notes on September 21, 2022. As of
the date hereof, $800 million
aggregate principal amount of the Series 2023 Notes remains
outstanding.
On the redemption date, the Series 2023 Notes will be redeemed
in accordance with their terms at a redemption price per
$1,000 principal amount of the Notes
equal to $1,007.230 plus accrued and
unpaid interest up to but excluding the redemption date of
$1.198, and will thereafter cease to
be outstanding. The redemption of the Series 2023 Notes will be
partially financed by an issuance, on a private placement basis, of
senior unsecured notes of the Company (the "Private Placement")
that is expected to close on September 13,
2022.
About Loblaw Companies
Limited
Loblaw is Canada's food and
pharmacy leader, and the nation's largest retailer. Loblaw provides
Canadians with grocery, pharmacy, health and beauty, apparel,
general merchandise, financial services and wireless mobile
products and services. With more than 2,400 corporate, franchised
and Associate-owned locations, Loblaw, its franchisees and
Associate-owners employ more than 190,000 full- and part-time
employees, making it one of Canada's largest private sector employers.
Loblaw's purpose – Live Life Well® – puts first the needs and
well-being of Canadians who make one billion transactions annually
in the company's stores. Loblaw is positioned to meet and exceed
those needs in many ways: convenient locations; more than 1,050
grocery stores that span the value spectrum from discount to
specialty; full-service pharmacies at nearly 1,400 Shoppers Drug
Mart® and Pharmaprix® locations and close to 500 Loblaw locations;
PC Financial® services; affordable Joe Fresh® fashion and family
apparel; and four of Canada's
top-consumer brands in Life Brand®, Farmer's MarketTM, no name® and
President's Choice®.
For more information, visit Loblaw's website at www.loblaw.ca
and Loblaw's issuer profile at www.sedar.com.
Forward-Looking
Statements
This press release may contain forward-looking information
within the meaning of applicable securities legislation, which
reflects Loblaw's current expectations regarding future events,
including the expected closing of the Private Placement and the
expected redemption of the Series 2023 Notes. Forward-looking
information is based on a number of assumptions and is subject to a
number of risks and uncertainties, many of which are beyond
Loblaw's control that could cause actual results and events to
differ materially from those that are disclosed in or implied by
such forward-looking information. Such risks and uncertainties
include, but are not limited to, the factors discussed in Loblaw's
2021 Annual Report, current Annual Information Form and 2022 Second
Quarter Report. Loblaw does not undertake any obligation to update
such forward-looking information, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law. All forward-looking statements
contained in this press release are made as of the date hereof and
are qualified by these cautionary statements.
SOURCE Loblaw Companies Limited