BRAMPTON, ON, March 4,
2024 /CNW/ - (TSX: L) – Today, Loblaw
Companies Limited ("Loblaw" or the "Company") announced that it has
completed its previously announced issuance, on a private placement
basis to qualified accredited investors in each of the Provinces of
Canada, of $400 million aggregate principal amount of senior
unsecured notes of the Company (the "Offering"). The Offering
comprised of $400 million aggregate
principal amount of series 2054 notes bearing interest at a rate of
5.115% per annum and maturing on March 4,
2054 (the "Notes").
The Company intends to use the net proceeds of the Offering to
partially fund the repayment of its outstanding $400 million aggregate principal amount of 3.918%
senior unsecured notes maturing June 10,
2024 and for general corporate purposes.
The Notes are unsecured and rank equally with all existing and
future unsecured and unsubordinated indebtedness of the
Company.
DBRS Limited has provided the Notes with a credit rating of "BBB
(high)" with a "Stable" trend and Standard and Poor's Rating
Services has provided the Notes with a credit rating of "BBB".
The Notes were sold on an agency basis by a syndicate of agents
led by TD Securities, CIBC Capital Markets, RBC Capital Markets,
BMO Capital Markets and Scotia Capital. 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. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there any sale of the Notes in any jurisdiction where
such offer, solicitation or sale would be unlawful.
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 2,500 corporate franchised
and Associate-owned locations, Loblaw, its franchisees and
Associate-owners employ more than 220,000 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
1,100 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;
Joe Fresh® fashion and
family apparel; and four of Canada's top-consumer brands in Life
Brand®, Farmer's Market™, no name® and
President's Choice®. For more information, visit
Loblaw's website at www.loblaw.ca and Loblaw's issuer profile at
www.sedarplus.ca.
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 intended use of proceeds of the Offering.
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 2023 Annual Report and current Annual
Information Form. 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