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.
