Loblaw issues C$400 million of senior unsecured notes
Torys acted as counsel to Loblaw with a team that included Michael Zackheim and Shaoor Ahmad (corporate/securities).
On December 9, 2024, Loblaw Companies Limited ("Loblaw") announced that it agreed to issue, on a private placement basis to qualified accredited investors in the provinces of Canada, C$400 million aggregate principal amount of senior unsecured notes that bear interest at a rate of 3.564% per annum and mature on December 12, 2029.
Closing was announced on December 12, 2024.
The notes were sold at par and were offered on an agency basis by a syndicate of agents led by RBC Capital Markets, BMO Capital Markets, TD Securities, CIBC Capital Markets and Scotia Capital.
Net proceeds of the offering will be used by Loblaw to redeem all of its issued and outstanding second preferred shares, Series B, and for general corporate purposes.
Further information can be found on Canada Newswire’s website.
Loblaw is Canada's food and pharmacy leader, and the nation's largest retailer. It provides Canadians with grocery, pharmacy, health and beauty, apparel, general merchandise, financial services and wireless mobile products and services.