TORONTO, Sept. 5,
2024 /CNW/ - (TSX: WN) – Today, George Weston
Limited ("George Weston" or the "Company") announced that it has
completed its previously announced issuance, on a private placement
basis to qualified accredited investors, of $250 million aggregate principal amount of senior
unsecured notes of the Company (the "Offering"). The Offering was
comprised of $250 million aggregate
principal amount of series 2029 notes bearing interest at a rate of
4.193% per annum and maturing on September
5, 2029 (the "Notes").
The Company intends to use the net proceeds of the Offering for
general corporate purposes.
The Notes are unsecured and rank equally with all existing and
future unsecured and unsubordinated indebtedness of the
Company.
DBRS Limited has provided the Notes with a credit rating of
"BBB" with a "Stable" trend and Standard and Poor's Rating Services
has provided the Notes with a credit rating of "BBB".
The Notes were sold on an agency basis by a syndicate of agents
led by BMO Capital Markets, CIBC Capital Markets and RBC Capital
Markets. The Notes have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the Notes in any jurisdiction where such offer,
solicitation or sale would be unlawful.
About George Weston Limited
George Weston is a Canadian
public company founded in 1882. The Company operates through its
two reportable operating segments,
Loblaw Companies Limited ("Loblaw") and Choice Properties
Real Estate Investment Trust ("Choice Properties").
Loblaw provides Canadians with grocery, pharmacy, health
and beauty, apparel, general merchandise, financial services and
wireless mobile products and services. Choice Properties owns,
manages and develops a high-quality portfolio of commercial and
residential properties across Canada.
Forward-Looking Statements
This news release contains forward-looking statements about the
Company's current expectations regarding future events. Specific
forward-looking statements in this news release include, but are
not limited to, statements with respect to the use of proceeds of
the Offering.
Forward-looking statements reflect the Company's estimates,
beliefs and assumptions, which are based on management's perception
of historical trends, current conditions and expected future
developments, as well as other factors it believes are appropriate
in the circumstances. The Company's estimates, beliefs and
assumptions are inherently subject to significant business,
economic, competitive and other uncertainties and contingencies
regarding future events and, as such, are subject to change. The
Company can give no assurance that such estimates, beliefs and
assumptions will prove to be correct.
Numerous risks and uncertainties could cause the Company's
actual results to differ materially from those expressed, implied,
or disclosed in the forward-looking statements, including those
described in the "Enterprise Risks and Risk Management" sections of
the Management's Discussion and Analysis in the Company's 2023
Annual Report and the Company's Annual Information Form for the
year ended December 31, 2023.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect the Company's
expectations only as of the date of this news release. Except as
required by law, the Company does not undertake to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE George Weston Limited