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.