Canadian food group Maple Leaf Foods has set out plans for a programme to refinance C$355m (US$352.7m) of debt.

The bakery and meat processor has issued – or is set to issue – C$355m of notes in a series of tranches in Canadian and US dollars.

A portion of the proceeds were received yesterday (16 December). Maple Leaf said the remainder would be received by 4 January. Maturities range from 2015 to 2021.

“This debt refinancing extends the maturity profile of the company’s debt at investment grade financing rates,” said Maple Leaf CFO Michael Vels. “This refinancing reflects the quality of our balance sheet and allows us to fund our strategic initiatives at competitive financing rates.”

Maple Leaf also announced that former investor The Ontario Teachers Pension Plan had completed plans to sell its stake in the business. Teachers said last month that it wanted to sell its 25.2% stake in Maple Leaf.