Press Releases 2014


Metro Inc. Announces Closing of Aggregate C$600 Million Senior Unsecured Notes Offering

Montreal, December 1, 2014 - METRO INC. today announced the closing of its previously announced private placement of C$300 million aggregate principal amount of 3.20% Series C Senior Unsecured Notes due December 1, 2021 (the “Series C Notes”) and C$300 million aggregate principal amount of 5.03% Series D Senior Unsecured Notes due December 1, 2044 (the “Series D Notes”, and together with the Series C Notes, the “Notes”). The Series C Notes, which carry a coupon of 3.20%, were priced at $999.88 per $1,000 principal amount, for an effective yield of 3.202% per annum if held to maturity. The Series C Notes will mature on December 1, 2021. The Series D Notes, which carry a coupon of 5.03%, were priced at $999.54 per $1,000 principal amount, for an effective yield of 5.033% per annum if held to maturity. The Series D Notes will mature on December 1, 2044.

Metro intends to use the proceeds of the offering for working capital and other general corporate purposes, including repaying or refinancing the following existing indebtedness: (i) financing the redemption and retirement of a portion or all of its issued and outstanding 4.98% medium term notes due October 15, 2015 (the “2015 Notes”) and (ii) repaying amounts outstanding under its unsecured revolving credit facility.

National Bank Financial Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc. acted as joint book-running managers for the offering and Desjardins Securities Inc., RBC Dominion Securities Inc. Scotia Capital Inc. and TD Securities Inc. acted as co-managers for such offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offering, solicitation or sale would be unlawful.

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 any state securities laws and may not be offered, sold or delivered in the United States of America or its territories or possessions or to U.S. persons except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to an exemption therefrom. The information in this press release is not complete and may be changed. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Notes in the United States.

Any redemption or retirement of the 2015 Notes will be made pursuant to a notice of redemption under the indenture governing the 2015 Notes.

Metro Inc.
With annual sales of over $11 billion and over 65,000 employees, Metro Inc. is a leader in the food and pharmaceutical sectors in Quebec and Ontario, where it operates a network of more than 600 food stores under several banners including Metro, Metro Plus, Super C and Food Basics, as well as over 250 drugstores under the Brunet, The Pharmacy and Drug Basics banners.

Forward‑Looking Statements
This press release contains forward-looking statements which reflect management’s expectations related to expected future events and financial results and operating results. This forward-looking information typically contains the words “anticipate”, “believe”, “estimate”, “intend”, “expect”, “may”, “will”, “should”, “potential”, “plan”, “project” or other similar terms. These forward-looking statements are not facts, but only reflections of management’s estimates and expectations. Although Metro believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a number of factors that could cause actual results to differ materially from management’s expectations as set forth in such forward-looking statements for a variety of reasons, including market and general economic conditions and the risks and uncertainties discussed in the “Risk Factors” section in disclosure materials filed from time to time with Canadian securities regulatory authorities.

The forward-looking statements included in this press release are made only as of the date hereof and Metro does not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events contained in these forward-looking statements may or may not occur. Metro cannot assure that projected results or events will be achieved.

For further information

François Thibault
Metro Inc.
Senior Vice President,
Chief Financial Officer and Treasurer 
(514) 643-1003