Date Closed

September 10, 2013

Lead Office

Toronto

Value

1.60 Billion CAD

On September 10, 2013, Loblaw Companies Limited (the "Company") announced that it has successfully closed its issuance of C$1.6 billion aggregate principal amount of senior unsecured notes, consisting of C$800 million of Senior Unsecured Notes, Series 2019 due March 12, 2019 (the "Series 2019 Notes") and C$800 million of Senior Unsecured Notes, Series 2023, due September 12, 2023 (the "Series 2023 Notes", and collectively with the Series 2019 Notes, the "Notes").  The Series 2019 Notes carry a coupon of 3.748% per annum and were issued at par and the Series 2023 Notes carry a coupon of 4.860% per annum and were issued at par.

The net proceeds of the offering will either be applied toward partial payment of the cash portion of the purchase price for the acquisition of all of the outstanding common shares of Shoppers Drug Mart Corporation or, if applicable, to repay indebtedness or for other general corporate purposes.

The Notes were offered through an agency syndicate consisting of Merrill Lynch Canada, BMO Nesbitt Burns, CIBC World Markets, RBC Dominion Securities and TD Securities, as joint bookrunners, and including Desjardins Securities, National Bank Financial, Scotia Capital, Citigroup Global Markets Canada and J.P. Morgan Securities Canada.

Loblaw, headquartered in Brampton, Ontario, is a subsidiary of George Weston Limited, and Canada's largest food retailer. It is a leading provider of drugstore, general merchandise and financial products and services, and one of the largest private sector employers in Canada.

McCarthy Tétrault LLP represented Bank of America Merrill Lynch and the other underwriters. The team was led by Jonathan Grant and Andrew Parker.