STELLARTON, NS, Oct. 28, 2025 /CNW/ - Sobeys Inc. ('Sobeys'), wholly-owned subsidiary of Empire Company Limited, announced today that it has priced an offering of $300.0 million aggregate principal amount 3.10% senior unsecured Notes due October 30, 2028 ('the Notes'). The Notes are being offered through an agency syndicate consisting of Scotia Capital Inc. and BMO Nesbitt Burns Inc. as co-lead private placement agents, and including CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., and TD Securities Inc. The offering is expected to close on October 30, 2025, subject to customary closing conditions.
Sobeys intends to use the net proceeds of the offering to repay indebtedness outstanding under its existing revolving term credit facility, and for general corporate purposes.
Morningstar DBRS has assigned the Notes with a provisional rating of "BBB", and S&P Global Ratings has assigned the Notes a provisional rating of "BBB-". The notes are unsecured obligations of Sobeys Inc., and will rank pari passu with all existing and future unsubordinated indebtedness of the company.
The Notes are being offered in Canada on a private placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation. The Notes have not been and will not be qualified for sale to the public under applicable securities laws in Canada and, accordingly, any offer and sale of the Notes in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws. The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration under, or an applicable exemption from the registration requirements of, the U.S. Securities Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer to sell or a solicitation of an offer to buy the Notes in any jurisdiction where it is unlawful to do so.
ABOUT EMPIRE
Empire Company Limited (TSX: EMP.A) is a Canadian company headquartered in Stellarton, Nova Scotia. Empire's key businesses are food retailing, through wholly-owned subsidiary Sobeys Inc., and related real estate. With approximately $31 billion in annual sales and $17 billion in assets, Empire and its subsidiaries, franchisees and affiliates employ approximately 129,000 people.
ABOUT SOBEYS
Sobeys Inc. is proudly Canadian, with more than 115 years of experience in the food retail business. As one of only two national grocery retailers in Canada, we serve the food shopping needs of Canadians with approximately 1,600 stores in all 10 provinces under retail banners that include Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods and Lawtons Drugs, as well as more than 350 retail fuel locations. We are a family nurturing families – is our collective passion and mission to nurture the things that make life better, including great experiences, families, communities and the lives of our employees. More information on Sobeys Inc. can be found at www.corporate.sobeys.com.
FORWARD LOOKING INFORMATION
This news release contains forward-looking information reflecting management's expectations regarding timing and completion of the agreed offering and final use of proceeds. The forward-looking information in this document reflects the Company's current expectations, is subject to change, and readers are cautioned not to place undue reliance on such statements. The forward-looking statements in this news release are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from current expectations, including satisfaction of various closing conditions. The Company does not undertake to update any forward-looking statements that may be made from time to time by them or on their behalf other than as required by applicable securities laws.
SOURCE Empire Company Limited
For further information, please contact: Investor Contact: Katie Brine, Vice President, Investor Relations, Treasury & Pensions, Sobeys Inc., [email protected]
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