Canadian grocer Loblaw said yesterday (6 May) it will issue C$350m (US$300m) worth of unsecured five-year notes to repay short term debt, refinance other debt and for general corporate purposes.
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The retailer said the notes, to be offered through an agency syndicate led by CIBC World Markets and RBC Dominion Securities, will pay a fixed rate of 4.85% annually until maturity on 8 May 2014.
The medium term series 2-A notes are expected to be issued on 8 May and will not be registered under the US Securities Act of 1933, the company said.
Loblaw yesterday saw first-quarter earnings jump by 73% during the first three months of the year, thanks to food inflation and tight cost control.
The company booked net income of C$109m for the three months to 22 March, up sharply from the C$63m posted a year earlier.
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