Loblaw Closes Preferred Share Offering

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Loblaw Closes Preferred Share Offering

06/23/2008
Loblaw Cos., Ltd. Friday completed the sale of 9.0 million cumulative redeemable convertible Second Preferred Shares, Series A, to yield 5.95 percent per annum, to a syndicate of underwriters co-led by RBC Dominion Securities, Inc. and CIBC World Markets, Inc. for distribution to the Canadian public.

The aggregate gross proceeds of the sale were CAN $225 million (US $221 million).

A subsidiary of George Weston, Ltd., Loblaw is Canada's largest food distributor and a leading provider of general merchandise products, drug store, and financial products and services. Loblaw is also one of the largest private sector employers in Canada, with over 140,000 full-time and part-time employees at over 1,000 corporate and franchised stores across the country.