By Lisa Kerner
Charlotte, N.C., June 6 – North West Co. Inc. announced it will privately place $55 million of 3.27% senior notes and $15 million of floating-rate senior notes at Libor plus a spread maturing on June 16, 2021.
The notes will be secured by a floating charge against the assets of the company and rank pari passu with North West’s other senior debt, according to a company news release.
Proceeds will be used to refinance North West’s $70.0 million 6.55% senior notes that mature on June 15.
Winnipeg, Manitoba-based North West is a retailer of food and everyday products and services to rural communities and urban neighborhoods in Canada, Alaska, the South Pacific and the Caribbean.
| Issuer: | North West Co. Inc.
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| Issue: | Senior notes
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| Maturity: | June 16, 2021
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| Distribution: | Private placement
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| Amount: | $55 million
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| Coupon: | 3.27%
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| Amount: | $15 million
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| Coupon: | Libor plus a spread
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