/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR DISSEMINATION IN THE UNITED
STATES./
BRAMPTON, ON, Dec. 12,
2024 /CNW/ - (TSX: L) – Loblaw Companies Limited
("Loblaw" or the "Company") announced today that it has completed
its previously announced issuance, on a private placement basis to
qualified accredited investors in certain Provinces of Canada, of $400
million aggregate principal amount of senior unsecured notes
of the Company (the "Offering") bearing interest at a rate of
3.564% per annum and maturing on December
12, 2029 (the "Notes").
The Company intends to use the net proceeds of the Offering to
redeem all of its issued and outstanding Second Preferred Shares,
Series B (the "Preferred Share Redemption") and for general
corporate purposes. For details regarding the Preferred Share
Redemption, please see the Company's press release dated
December 9, 2024.
Morningstar DBRS 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 are unsecured obligations of the Company and rank
equally with all existing and future unsecured and unsubordinated
indebtedness of the Company.
The Notes were sold on an agency basis by a syndicate of agents
co-led by RBC Capital Markets, BMO Capital Markets, TD Securities,
CIBC 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 be 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 Preferred Share Redemption and the 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 2024 Third Quarter Report to
Shareholders 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
