Back to Media

Maple Leaf Foods Plans Private Placement of CDN $500 Million Senior Unsecured Notes

TORONTO, ONTARIO, Nov 30, 2004 (CCNMatthews via COMTEX) — Maple Leaf Foods Inc. (TSX:MFI) today announced that it is proposing to re-finance a significant portion of its short-term debt through a private offering of Senior Unsecured Notes (the “Notes”).

The Company plans to offer approximately CDN $500,000,000 in Notes with maturities of seven, ten and twelve years to institutional investors in the United States and Canada. The Notes will bear interest at fixed rates, based on current market conditions. The transaction is expected to close in December, 2004, subject to completion of due diligence and documentation.

Net proceeds will be used to repay existing short-term debt that was incurred to purchase the Schneider Corporation in April, 2004.

This press release is not an offer to sell any securities in Canada or the United States, and any offer or sale of the Notes may only be made pursuant to exemptions from applicable Canadian prospectus and U.S. registration requirements. The private placement is being made in Canada pursuant to certain prospectus exemptions and the Notes will not be qualified by prospectus for distribution under Canadian securities laws. The private placement is being made to a limited number of institutional Accredited Investors in the United States without registration under the U.S. Securities Act of 1933, as amended, or the securities laws of any state.

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
VP Public and Investor Relations
(416) 926-2026