By Lisa Kerner
Charlotte, N.C., June 16 – North West Co. Inc. completed its previously announced private placement of $70 million senior notes due June 16, 2021.
The issue included $55 million of 3.27% notes and $15 million of floating-rate notes.
Proceeds were used to refinance the company’s $70 million 6.55% senior notes that matured on June 15, according to a company news release.
As previously reported, the new notes will be secured by a floating charge against the assets of the company and rank pari passu with North West’s other senior debt.
Winnipeg, Man.-based North West is a retailer of food and everyday products and services to rural communities and urban neighborhoods in Canada, Alaska, the South Pacific and the Caribbean.
| Issuer: | North West Co. Inc.
|
| Issue: | Senior notes
|
| Amount: | $70 million
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| Maturity: | June 16, 2021
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| Coupon: | 3.27% for $55 million; Libor plus a spread for $15 million
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| Pricing date: | June 6
|
| Distribution: | Private placement
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