(TSX: L) â?? 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 â?? Live Life WellÂR â?? 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 MartÂR and PharmaprixÂR locations and close to 500 Loblaw locations; PC FinancialÂR services; Joe FreshÂR fashion and family apparel; and four of Canada's top-consumer brands in Life BrandÂR, Farmer's Marketâ?¢, no nameÂR and President's ChoiceÂR. 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

SOURCE: Loblaw Companies Limited

For further information please contact: Roy MacDonald, Vice President, Investor
Relations, investor@loblaw.ca

COMTEX_460771227/2197/2024-12-12T08:14:00