Media Centre
2004/12/20

Maple Leaf Foods Closes Share Offering

TORONTO, ONTARIO, Dec 20, 2004 (CCNMatthews via COMTEX) -- Maple Leaf Foods Inc. (TSX:MFI) announced that the share offering announced December 6th closed today. 11,340,000 shares were sold at a price of $14.55 per share for net proceeds of approximately $161.5 million.

The share offering, together with a $500 million private placement of long-term debt, the announced redemption of its outstanding convertible debentures for cash on January 7, 2005 and the renewal of its primary revolving credit facility, completes the refinancing of Maple Leaf Foods.

"The completion of our equity offering is the culmination of the refinancing of Maple Leaf Foods following its acquisition of Schneider Corporation last spring," said Mr. Michael Vels, Chief Financial Officer of Maple Leaf Foods. "We have strengthened our balance sheet and put low cost long-term debt into place. Maple Leaf Foods is well positioned with a low cost capital structure as we move forward into 2005 and beyond."

Maple Leaf Foods Inc. is a leading Canadian food processing company committed to delivering quality food products to consumers around the world. Headquartered in Toronto, Canada, the Company employs approximately 23,000 people at its operations across Canada, and in the United States, Europe and Asia. The Company reported sales of $5.0 billion in 2003.

Maple Leaf Foods Inc.
Lynda Kuhn
Vice President Public & Investor Relations
(416) 926-2026
NEWS RELEASE TRANSMITTED BY CCNMatthews

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