DEALS AND SUITS

Loblaw Companies Limited completes issuance of C$350 million of senior unsecured notes

Date closed: 5/7/2020

Value: $350 million

On May 7, 2020, Loblaw Companies Limited completed an issuance, on a private placement basis to qualified accredited investors, of $350 million aggregate principal amount of senior unsecured notes bearing interest at a rate of 2.284% per annum and maturing on May 7, 2030.

Loblaw intends to use the net proceeds of the offering to partially fund the repayment of its outstanding $350 million aggregate principal amount of 5.22% Medium Term Notes, Series 2-B maturing June 18, 2020 and for general corporate purposes.

The notes were sold on an agency basis by a syndicate of agents co-led by TD Securities and RBC Capital Markets and including BMO Capital Markets, CIBC Capital Markets and Scotia Capital.

BLG represented Loblaw with a team led by Paul Mingay that included Andrew McLean and Jake Hogan.