Published on 1/23/2024 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.
New Issue: Alimentation Couche-Tard sells C$500 million 4.603% notes due 2029
By Marisa Wong
Los Angeles, Jan. 23 – Alimentation Couche-Tard Inc. priced C$500 million of 4.603% series 8 senior notes due 2029 (Baa1/BBB+) in a private offering in all the provinces of Canada, according to a press release late Monday.
The notes are being offered through an agency syndicate consisting of National Bank Financial Inc., Desjardins Securities Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Barclays Capital Canada Inc., BMO Nesbitt Burns Inc., BNP Paribas (Canada) Securities Inc., BofA Securities, Goldman Sachs Canada Inc., HSBC Securities (Canada) Inc., J.P. Morgan Securities Canada Inc., MUFG Securities (Canada), Ltd., Rabo Securities Canada, Inc., SMBC Nikko Securities Canada, Ltd., TD Securities Inc. and Wells Fargo Securities Canada, Ltd.
The notes will be guaranteed on a senior basis by some of Couche-Tard’s wholly owned subsidiaries who are guarantors under the company’s senior credit facilities.
The offering is expected to close on or about Jan. 25.
Couche-Tard intends to use the proceeds to repay debt under credit facilities that were used to fund a portion of the purchase price of an acquisition of European retail assets from TotalEnergies.
Couche-Tard is a convenience store operator with headquarters in Laval, Quebec.
| Issuer: | Alimentation Couche-Tard Inc.
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| Amount: | C$500 million
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| Issue: | Senior notes, series 8
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| Maturity: | Jan. 25, 2029
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| Underwriters: | National Bank Financial Inc., Desjardins Securities Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Barclays Capital Canada Inc., BMO Nesbitt Burns Inc., BNP Paribas (Canada) Securities Inc., BofA Securities, Goldman Sachs Canada Inc., HSBC Securities (Canada) Inc., J.P. Morgan Securities Canada Inc., MUFG Securities (Canada), Ltd., Rabo Securities Canada, Inc., SMBC Nikko Securities Canada, Ltd., TD Securities Inc. and Wells Fargo Securities Canada, Ltd.
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| Coupon: | 4.603%
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| Announcement date: | Jan. 22
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| Settlement date: | Jan. 25
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Distribution: | Canadian private offering
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