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Empire Company Ltd Closes Subscription Receipts Offering


Wednesday, 31 Jul 2013 08:25am EDT 

Empire Company Ltd announced that it has closed its previously announced offering (the Offering) of 21,100,000 subscription receipts (the Subscription Receipts) at a price of $76.00 per Subscription Receipt. The syndicate of underwriters, co-led by Scotiabank and BMO Capital Markets and including CIBC, National Bank Financial Inc., RBC Capital Markets, TD Securities Inc., Desjardins Securities Inc. and Barclays Capital Canada Inc. (the Underwriters) elected to exercise their over-allotment option in full at closing, resulting in a total of 24,265,000 Subscription Receipts being issued by Empire for gross proceeds of $1,844,140,000. The net proceeds from the sale of the Subscription Receipts will be held in trust by a subscription receipt agent pending the satisfaction of the conditions to closing (the Escrow Release Condition) in connection with Sobeys Inc.'s (Sobeys) acquisition of substantially all of the assets and select liabilities of Canada Safeway Limited (the Acquisition). If the Escrow Release Condition is satisfied on or before 5:00 p.m. (Eastern Standard Time) on March 31, 2014 (the Escrow Release Deadline), Empire will use the net proceeds from the Offering to partially fund its expected $1.65 billion equity investment in Sobeys and purchase $150 million of Crombie Class B Limited Partnership units (as announced on July 24, 2013), with any remaining funds to be used by Empire to repay debt and for general corporate purposes. 

Company Quote

66.04
0.42 +0.64%
1:11pm EDT