WINNIPEG, MANITOBA--(Marketwired - June 16, 2014) - (TSX:NWC): The North West Company Inc. ("North West") is pleased to announce the closing of the previously announced refinancing of its US$70 million 6.55% senior notes.
The refinancing was completed by the private placement issuance of US$55 million 3.27% senior notes and US$15 million floating rate senior notes at LIBOR plus a spread. These senior notes mature on June 16, 2021 and are secured by a floating charge against the assets of the Company and rank pari passu with North West's other senior debt.
Company Profile
The North West Company Inc., through its subsidiaries, is a leading retailer of food and everyday products and services to rural communities and urban neighbourhoods in Canada, Alaska, the South Pacific and the Caribbean. North West operates 226 stores under the trading names Northern, NorthMart, Giant Tiger, AC Value Center and Cost-U-Less and has annualized sales of approximately CDN$1.5 billion. The common shares of North West trade on the Toronto Stock Exchange under the symbol NWC.