Loblaw Companies Limited announced that it has agreed to issue, on a private placement basis to qualified accredited investors in each of the Provinces of Canada, $400 million aggregate principal amount of senior unsecured notes of the Company that will bear interest at a rate of 5.115% per annum and will mature on March 4, 2054. The Notes are being offered on an agency basis by a syndicate of agents led by TD Securities, CIBC Capital Markets, RBC Capital Markets, BMO Capital Markets and Scotia Capital. Subject to customary closing conditions, the Offering is expected to close on March 4, 2024.

The net proceeds of the Offering may be used by the Company to partially fund the repayment of its outstanding $400 million aggregate principal amount of 3.918% senior unsecured notes maturing June 10, 2024 and for general corporate purposes. The Notes will be unsecured obligations of the Company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the Company.