By Cristal Cody
Tupelo, Miss., July 9 – Sobeys Inc. priced C$300 million of floating-rate senior notes due July 14, 2016 at par to yield 63 basis points plus the Canadian Dealer Offered Rate, according to the company and a market source.
Scotia Capital Inc. and BMO Nesbitt Burns Inc. were the lead managers of the private-placement offering.
Sobeys intends to use the proceeds to repay debt outstanding under its existing non-revolving, amortizing term credit facility. The amount currently outstanding on the credit facility is C$1.3 billion.
The Stellarton, N.S.-based grocery retailer is a subsidiary of Empire Company Ltd.
| Issuer: | Sobeys Inc.
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| Amount: | C$300 million
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| Maturity: | July 14, 2016
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| Securities: | Senior floating-rate notes
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| Bookrunners: | Scotia Capital Inc. and BMO Nesbitt Burns Inc.
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| Co-managers: | CIBC World Markets Inc., National Bank Financial Inc. and TD Securities Inc.
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| Price: | Par
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| Spread: | CDOR plus 63 bps
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| Pricing date: | July 8
|
| Settlement date: | July 14
|
| Ratings: Standard & Poor’s: BBB-
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| DBRS: BBB
|
| Distribution: | Canada private placement
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