BRAMPTON, ON, Sept. 13,
2022 /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 $800 million aggregate principal amount of senior
unsecured notes of the Company in two series (the "Offering"). The
Offering included (i) $400 million
aggregate principal amount of series 2032 notes bearing interest at
a rate of 5.008% per annum and maturing on September 13, 2032, and (ii) $400 million aggregate principal amount of series
2052 notes bearing interest at a rate of 5.336% per annum and
maturing on September 13, 2052
(collectively, the "Notes").
The Company intends to use the net proceeds of the Offering to
fund the previously announced redemption of its outstanding
$800 million aggregate principal
amount of 4.860% senior unsecured notes maturing September 12, 2023 and for general corporate
purposes.
The Notes are unsecured and rank pari passu with all other
unsecured and unsubordinated indebtedness of the Company.
DBRS Limited has provided the Notes with a credit rating of "BBB
(high)" with a "Stable" outlook 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 2,400 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 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 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