The North West Company Inc. Announces Senior Notes Financing
June 17 2020 - 10:36AM
The North West Company Inc. (the "Company" or "North West")
announced today that it has issued US$70.0 million in senior notes,
the proceeds of which will be used to reduce amounts drawn on loan
facilities in Canadian Operations and for general corporate
purposes. The additional capacity on loan facilities in
Canadian Operations from this new financing is expected to be used
to repay the US$70.0 million senior notes when they mature on June
16, 2021.
The new senior notes were issued by private
placement in two tranches; US$35.0 million 2.88% senior notes that
will mature on June 16, 2027 and US$35.0 million 3.09% senior notes
that will mature on June 16, 2032. The new senior notes are secured
by a floating charge on certain assets of the Company and rank pari
passu with the Company's other senior debt.
Notice to
Readers
Certain forward-looking statements are made in
this news release, within the meaning of applicable securities
laws. These statements reflect North West's current expectations
and are based on information currently available to management. The
words may, will, should, believe, expect, plan, anticipate, intend,
estimate, predict, potential, continue, or the negative of these
terms, identify forward-looking matters. These statements speak
only as of the date of this press release. The actual results could
differ materially from those anticipated in these forward-looking
statements. North West undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, other than
as required by applicable law.
Company
Profile
The North West Company Inc., through its
subsidiaries, is a leading retailer of food and everyday products
and services to rural communities and urban neighbourhoods in
Canada, Alaska, the South Pacific and the Caribbean. North West
operates 250 stores under the trading names Northern, NorthMart,
Giant Tiger, Alaska Commercial Company, Cost-U-Less and RiteWay
Food Markets and has annualized sales of approximately CDN$2.0
billion.
The common shares of North West
trade on the Toronto Stock Exchange under the symbol
NWC.
For more information
contact:
Edward Kennedy, President and Chief Executive
Officer, The North West Company Inc.Phone 204-934-1482; fax
204-934-1317; email ekennedy@northwest.ca
John King, Executive Vice-President and Chief
Financial Officer, The North West Company Inc.Phone 204-934-1397;
fax 204-934-1317; email jking@northwest.ca
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