The North West Company Inc. Announces Senior Notes Financing
WINNIPEG, Manitoba, June 17, 2020 (GLOBE NEWSWIRE) — 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