Food and Staples Retailing
Company Overview of Sobeys Inc.
Sobeys Inc. operates in food retailing and business activities. It operates full service, fresh service, community services, price service, convenience service, and other format stores that provide food, health care, beauty, cosmetics, convenience, and giftware products. The company is also engaged in the food distribution business; provision of printing services, including offset printing, silkscreen printing, and sign printing; manufacture of carbonated soft drinks and natural spring water; and operation of retail gas stations, liquor stores, and cash and carry outlets. As of February 13, 2014, owned or franchised approximately 1,500 stores in 10 provinces under the Sobeys, Safeway, IGA, F...
115 King Street
Stellarton, NS B0K 1S0
Founded in 1907
Key Executives for Sobeys Inc.
Chief Financial & Administrative Officer
President of IGA Operations Business Unit
President of Operations - Ontario Region
President of Operations - Safeway
Compensation as of Fiscal Year 2014.
Sobeys Inc. Key Developments
Sobeys Inc. Announces Pricing of $300.0 Million Aggregate Principal Amount of Senior Unsecured Notes Due July 14, 2016
Jul 9 14
Sobeys Inc. announced that it has priced an offering of $300.0 million aggregate principal amount of floating rate senior unsecured Notes due July 14, 2016. The notes are being offered through an agency syndicate consisting of Scotia Capital Inc. and BMO Nesbitt Burns Inc. as co-lead private placement agents, and including CIBC World Markets Inc., National Bank Financial Inc. and TD Securities Inc. The offering is expected to close on July 14, 2014, subject to customary closing conditions. The notes will be issued at par for aggregate gross proceeds of $300.0 million and will bear interest at a rate equal to the 3-month banker's acceptance rate (CDOR) plus 63 basis points (or 0.63%), to be set quarterly on the 14th day of July, October, January and April of each year. The interest rate for the initial quarterly period will be set on the expected closing date of July 14, 2014. Interest will be payable in cash quarterly, in arrears, over the two-year term on the 14th day of July, October, January and April of each year, commencing October 14, 2014. Sobeys intends to use the net proceeds of the offering to repay indebtedness outstanding under its existing non-revolving, amortizing term credit facility. Immediately following Sobeys' acquisition of the Canada Safeway business on November 4, 2013, the amount outstanding under this credit facility was $1,825.0 million. The current amount outstanding on this credit facility is $1,325.0 million and is expected to reduce to approximately $1,025.0 million as a result of the Notes offering. The notes are being offered in Canada on a private placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation. The notes have not been and will not be qualified for sale to the public under applicable securities laws in Canada and, accordingly, any offer and sale of the notes in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws. The notes have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration under, or an applicable exemption from the registration requirements of, the U.S. Securities Act.
Agropur Cooperative Announces Strategic Partnership Agreement with Sobeys
Jul 8 14
Agropur Cooperative announced that it has concluded a strategic partnership agreement with Sobeys that includes the purchase of the dairy processing activities as well as long term supply agreements. The value of the transaction totaling $356 million includes: The purchase of four plants: two located in Edmonton (AB) (milk - ice cream), one in Winnipeg (MB) (milk) and one in Burnaby (BC) (milk); The licensing of the Lucerne trademark to Agropur for the production and distribution of fluid milk and cream; Long term supply agreements that will come into effect upon the transfer of the facilities to Agropur and expiry of current supply agreements.
Sobeys to Close Store in St. Stephen and Stores Operating Under the Foodland Banner in Fredericton, Edmundston, Tracadie-Sheila and Perth-Andover
Jun 27 14
Sobeys announced that the employees at its namesake store in St. Stephen and stores operating under the Foodland banner in Fredericton, Edmundston, Tracadie-Sheila and Perth-Andover will ring up the last sales July 5, 2014. A Foodland store in Amherst. N.S., is also being closed as part of cuts that will see 50 stores close across Canada.
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