Last $75.96 USD
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metro inc (MTRAF) Key Developments

Metro Inc. Issues Notice of Redemption for its 4.98% Series A Medium Term Notes Due October 15, 2015

Metro Inc. announced that it has issued a notice of redemption for the entire outstanding principal amount of its 4.98% Series A Medium Term Notes due October 15, 2015 (CUSIP 59162ZAA09) issued on October 12, 2005 (the Notes). A notice of redemption (the Redemption Notice) pursuant to the terms of the indenture, dated as of September 30, 2005, governing the Notes (the Indenture) is being distributed by Computershare Trust Company of Canada (as transferee of Natcan Trust Company), the trustee under the Indenture. The Redemption Notice issued states that the redemption date is December 31, 2014 (the Redemption Date), and the redemption price is $1,029.28 per $1,000.00 principal amount of the notes redeemed, plus accrued and unpaid interest to, but excluding, the Redemption Date.

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

METRO INC. announced the closing of its previously announced private placement of CAD 300 million aggregate principal amount of 3.20% Series C Senior Unsecured Notes due December 1, 2021 and CAD 300 million aggregate principal amount of 5.03% Series D Senior Unsecured Notes due December 1, 2044. 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 and (ii) repaying amounts outstanding under its unsecured revolving credit facility.

Metro Inc. Prices Aggregate CAD 600 Million Senior Unsecured Notes Offering

Metro Inc. announced the pricing of a private placement offering of CAD 300 million aggregate principal amount of 3.20% Series C Senior Unsecured Notes due December 1, 2021 and CAD 300 million aggregate principal amount of 5.03% Series D Senior Unsecured Notes due December 1, 2044. The Series C Notes will carry a coupon of 3.20% and 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 will carry a coupon of 5.03% and 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: financing the redemption and retirement of a portion or all of its issued and outstanding 4.98% medium term notes due October 15, 2015; and repaying amounts outstanding under its unsecured revolving credit facility. National Bank Financial Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc. are acting as joint book-running managers for the offering and Desjardins Securities Inc., RBC Dominion Securities Inc. Scotia Capital Inc. and TD Securities Inc. are acting as co-managers for such offering.

Metro Inc. Announces Board Changes

Metro Inc. is announcing that Réal Raymond will become Chair of the Board of Directors of Metro Inc. after the next annual general meeting of Shareholders on January 27, 2015, subject to his re-election as a director. Mr. Raymond will succeed Pierre H. Lessard, who will be retiring from the Board having reached the mandatory Board retirement age. Mr. Lessard will have served the Corporation for over 24 years, first as President and CEO from 1990 to 2008 and since then as Chair of the Board. Paul Gobeil, Vice-Chair of the Board since 1990, will also retire from the Board after the next annual general meeting of shareholders having reached the mandatory Board retirement age. Mr. Raymond joined the Board of Metro in 2008 and has been Lead Director of the Corporation and Chair of the Human Resources Committee since 2010. He is the former President and CEO of National Bank of Canada. He is a director and Chair of the Board of Heroux-Devtek Inc. and Aéroports de Montréal, and also serves on the Board of Directors of Sun Life Financial Inc. Finally, Mr. John H. Tory, first elected in 2011, resigned from the Board following his election as Mayor of Toronto.

Metro Inc. Declares Dividend for the Fourth Quarter Ended September 27, 2014, Payable November 26, 2014

On September 29, 2014, the Metro Inc.'s board of directors declared a quarterly dividend for the fourth quarter ended September 27, 2014 of $0.30 per Common Share, payable on November 26, 2014.

 

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