Prices Aggregate of C$300 Million Senior Unsecured Notes Offering by Metro Inc.

February 1, 2023

METRO INC. (“Metro”) made an announcement today regarding the pricing of a private placement offering of 4.657% Series K Senior Unsecured Notes payable on February 7, 2033 (the “Series K Notes”). The total principal amount of the offering is $300 million Canadian dollars. The Series K Notes will have a coupon of 4.657% and were priced at $1,000 per $1,000 principal amount. This results in an effective yield of 4.657% per annum assuming the notes are held to maturity. Metro plans to use the money it receives from the offering to pay down the debt it already owes under its revolving credit facility and for other general business objectives.

Metro anticipates that the effective blended interest rate of the Series K Notes will correspond to approximately 4.71% per annum. This estimation is based on the fact that Metro has already entered into bond forward contracts.

Co-lead managers and joint bookrunners for the offering are BMO Capital Markets, National Bank Financial Markets, and RBC Capital Markets. In addition, CIBC World Markets Inc., Desjardins Securities Inc., Scotia Capital Inc., TD Securities Inc., and Casgrain & Company Limited are acting as co-managers for such an offering.

The Series K Notes will be direct unsecured obligations of Metro, and their ranking will be equal to that of all of Metro’s existing unsecured and unsubordinated debt obligations.

Provisional ratings of BBB with a positive trend have been assigned to the Series K Notes by DBRS Limited and BBB by Standard & Poor’s Ratings Services. These ratings are being used in conjunction with exemptions from the prospectus requirements imposed by applicable securities legislation. The Series K Notes are being made available in Canada through a private placement in reliance on these exemptions.

It is anticipated that the closing of the offering will take place on February 6th, 2023.

This news release does not represent an offer to sell or the solicitation of an offer to buy any security, nor is it intended to constitute an offer, solicitation, or sale of any securities in any country in where such an offering, solicitation, or sale would be prohibited.

The Series K Notes have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, and they will not be registered under either of those sets of laws either. As a result, the Series K Notes cannot be offered, sold, or delivered in the United States of America, its territories or possessions, or to U.S. persons unless they comply with the registration requirements of the U.S. Securities Act and applicable state securities laws, or This press release contains material that is not comprehensive and is subject to modification. This news release does not represent an offer to sell or a solicitation of an offer to buy any of the Series K Notes in the United States. Nor does it constitute an offer to sell or a solicitation of an offer to purchase any of those notes.



About the METRO Corporation

More than 95,000 people are employed by METRO Inc., making it the largest private employer in both Québec and Ontario. The company has annual sales of more than $19 billion and is a leader in the food and pharmacy industries. Its goal is to improve people’s overall health and well-being in the communities we serve. The company operates or provides services to a network of 975 food stores primarily operating under the banners of Metro, Metro Plus, Super C, and Food Basics, as well as 645 drugstores primarily operating under the banners of Jean Coutu, Brunet, Metro Pharmacy, and Food Basics Pharmacy. In addition, the company is a franchisor, distributor, manufacturer, and provider of services related to eCommerce. For further details, visit


Forward Looking Statements

This press release contains forward-looking statements, which reflect management’s expectations related to expected future events. These statements include, but are not limited to, statements relating to the closing of the proposed offering of Series K Notes and the intended use of proceeds from such an offering. Typically, this forward-looking information will include verbs in the future tense or the conditional tense, as well as the words “should,” “anticipate,” “believe,” “estimate,” “intend,” “expect,” “may,” “will,” “potential,” “plan,” and “project,” as well as other expressions of a like kind. The only thing that these forward-looking statements indicate is the management’s estimations and assumptions; they are not facts themselves. Although Metro believes that these statements are based on information and assumptions that are current, reasonable, and complete, these statements are necessarily subject to a number of factors that could cause actual results to differ materially from management’s expectations as set forth in such forward-looking statements for a variety of reasons, including market and general economic conditions as well as the risks and uncertainties discussed in the “Risk Management” section of this section of the report. These factors include: the risks and uncertainties discussed in the “Risk Management” section of this report; There is no assurance that the proposed offering of Series K Notes will be finished or that the terms of the proposed offering of Series K Notes will not be modified. The closing of the proposed offering of Series K Notes is subject to customary closing conditions, and there is also no guarantee that the terms of the proposed offering of Series K Notes will not be changed.

These forward-looking statements are made only as of the date of this press release, and Metro does not undertake to publicly update these forward-looking statements to reflect new information, future events, or any other reason. The forward-looking events that are described in these forward-looking statements may or may not transpire as a result of the risks, uncertainties, and assumptions that have been outlined. The achievement of the anticipated results or events is not something that Metro can guarantee.

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For further information:

François Thibault

Executive Vice-President, Chief Financial Officer and Treasurer

Tel.: (514) 643-1003