STELLARTON, NS,
May 3,
2022 /CNW/ - Empire Company Limited (Empire) (TSX:
EMP.A) announced today that Sobeys Inc., a wholly-owned subsidiary
of Empire, is delivering a notice of redemption (the
"Notice") to holders of all its outstanding 4.70% Series
2013-2 Notes due August 2023 (the
"Notes").
The Notice calls for the redemption of the remaining
$500 million aggregate principal
amount of Notes on June 2, 2022. Upon
redemption, each Noteholder will receive $1,018.400 for each $1,000 principal amount of Notes held, plus
accrued and unpaid interest amount to the redemption date of
$14.679 per $1,000 principal amount of Notes, for an
aggregate of $1,033.079 for each
$1,000 principal amount of Notes. The
early redemption premium of $9.2
million before tax will be charged to earnings in the fourth
quarter of fiscal 2022.
Additional information concerning the terms and conditions of
the redemption is provided in the Notice. Beneficial holders with
any questions about the redemption should contact their respective
brokerage firm or financial institution.
This press release is for informational purposes only and shall
not constitute an offer to repurchase the Notes or any other
securities.
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 Sobeys Inc., and related real estate. With
approximately $29.2 billion in annual sales
and $16.4 billion in assets, Empire and its subsidiaries,
franchisees and affiliates employ approximately 134,000 people.
FORWARD-LOOKING
INFORMATION
This document contains forward-looking statements which are
presented for the purpose of assisting the reader to understand
management's expectations regarding the Company's strategic
priorities, objectives and plans. These forward-looking statements
may not be appropriate for other purposes. Forward-looking
statements are identified by words or phrases such as "calls for"
"anticipates", "expects", "believes", "estimates", "intends",
"could", "may", "plans", "predicts", "projects", "will", "would",
"foresees" and other similar expressions or the negative of these
terms. These statements include those relating to the redemption
date of the Notes.
Additional risks are described in detail from time to time in
documents filed by the Company with securities regulatory
authorities in Canada. By its nature, forward-looking
information requires the Company to make assumptions and is subject
to inherent risks, uncertainties and other factors which may cause
actual results to differ materially from forward-looking statements
made.
For more information on risks, uncertainties and assumptions
that may impact the Company's forward-looking statements, please
refer to the Company's materials filed with the Canadian securities
regulatory authorities, including the "Risk Management" section of
the fiscal 2021 annual Management's Discussion and Analysis.
SOURCE Empire Company Limited