Metro Inc. on Nov. 29 priced a private placement offering of C$1.2 billion aggregate principal amount of senior unsecured notes.
The offering consists of C$300 million 2.68% series F notes due Dec. 5, 2022, C$450 million of 3.39% series G notes due Dec. 6, 2027, and C$450 million of 4.27% series H notes due Dec. 4, 2047.
The series F notes will bear a coupon of 2.68%, priced at $999.95 per $1,000 principal amount, for an effective yield of 2.681% per year. The series G notes will carry a coupon of 3.39% and were priced at $999.41 per $1,000 principal amount, for an effective yield of 3.397% per year. The series H notes will bear a coupon of 4.27% and were priced at $998.99 per $1,000 principal amount, for an effective yield of 4.276% per year.
The company plans to use the net proceeds to fund a portion of its previously announced Jean Coutu Group (PJC) Inc. acquisition and for general corporate purposes. The net proceeds will be placed in escrow and released upon fulfilling conditions relating to the takeover completion.
