TORONTO,
Sept. 3,
2024 /CNW/ - (TSX: WN) – George Weston Limited (the
"Company") announced today that it has agreed to issue, on a
private placement basis to qualified accredited investors in each
of the Provinces of Canada,
$250 million aggregate principal
amount of senior unsecured notes of the Company (the "Notes") that
will bear interest at a rate of 4.193% per annum and will mature on
September 5, 2029 (the
"Offering").
The Notes are being offered on an agency basis by
a syndicate of agents led by BMO Capital Markets, CIBC Capital
Markets, and RBC Capital Markets. Subject to customary closing
conditions, the Offering is expected to close on September 5, 2024.
The net proceeds of the Offering may be used by
the Company for general corporate purposes.
It is a condition of closing of the Offering that
the Notes be rated at least "BBB" with a "Stable" trend by DBRS
Limited 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. This news 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 George Weston Limited
George Weston Limited is a Canadian public
company founded in 1882. The Company operates through its two
reportable operating segments, Loblaw Companies Limited and Choice
Properties Real Estate Investment Trust. Loblaw provides Canadians
with grocery, pharmacy, health and beauty, apparel, general
merchandise, financial services and wireless mobile products and
services. Choice Properties owns, manages and develops a
high-quality portfolio of commercial and residential properties
across Canada.
Forward-Looking Statements
This news release contains forward-looking
statements about the Company's current expectations regarding
future events. Specific forward-looking statements in this news
release include, but are not limited to, statements with respect to
the expected final terms of the Notes, the ratings for the Notes,
the closing of the Offering and the use of proceeds of the
Offering.
Forward-looking statements reflect the Company's
estimates, beliefs and assumptions, which are based on management's
perception of historical trends, current conditions and expected
future developments, as well as other factors it believes are
appropriate in the circumstances. The Company's estimates, beliefs
and assumptions are inherently subject to significant business,
economic, competitive and other uncertainties and contingencies
regarding future events and, as such, are subject to change. The
Company can give no assurance that such estimates, beliefs and
assumptions will prove to be correct.
Numerous risks and uncertainties could cause the
Company's actual results to differ materially from those expressed,
implied, or disclosed in the forward-looking statements, including
those described in the "Enterprise Risks and Risk Management"
sections of the Management's Discussion and Analysis in the
Company's 2023 Annual Report and the Company's Annual Information
Form for the year ended December 31,
2023.
Readers are cautioned not to place undue reliance
on these forward-looking statements, which reflect the Company's
expectations only as of the date of this news release. Except as
required by law, the Company does not undertake to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE George Weston Limited