Alimentation Couche-Tard Offers $ 1 Billion Debt Offer, Including Inaugural Green Bonds


LAVAL, Quebec, May 10, 2021 / PRNewswire / – Alimentation Couche-Tard Inc. (“Couche-Tard”) (TSX: ATD.A) (TSX: ATD.B) announced today that it has successfully priceed an offering of private debt composed of two tranches of banknotes (together, the “notes):

  • 650 million US dollars aggregate principal amount of 3.439% of the Senior Unsecured Notes due 2041 (“2041 Notes”)
  • US $ 350 million aggregate principal amount of 3.625% of senior unsecured notes due 2051 (“green bonds”)

The Notes will be senior unsecured obligations of Couche-Tard and will rank equally and pari passu with the current and future unsecured and unsubordinated debt of Couche-Tard and will be secured on a senior unsecured basis by certain of Couche-Tard’s wholly owned subsidiaries that are guarantors under the senior credit facilities of Couche-Tard. Couche-Tard.

Couche-Tard intends to use the net proceeds from the sale of the 2041 Notes, combined with cash on hand, to redeem all of its US $ 1 billion senior unsecured notes in circulation at July 26, 2022.

As indicated under Couche-Tard’s Green Bonds, an amount equal to the net proceeds of the Green Bonds will be used to finance or refinance, in whole or in part, Couche-Tard’s new or existing green projects and community initiatives in six categories: clean transport; energetic efficiency; renewable energy; pollution prevention and control; sustainable management of water and wastewater; and green buildings.

Couche-Tard plans to publish an annual report on the use of net green bond proceeds and its expected environmental impact. ISS ESG, one of the world’s leading rating agencies for sustainable investing, issued a second part opinion on the environmental benefits of Couche-Tard’s green bond framework and its alignment with the four core components of the 2018 Green Bond Principles as administered by the International Capital Market Association.

The private offering is exempt from the registration requirements of the US Securities Act of 1933, as amended (the “Securities Act”), and is expected to close on or around May 14, 2021, subject to the satisfaction of the usual closing conditions.

Tickets will be offered in United States only to persons reasonably considered to be qualified institutional buyers based on the exemption from registration under Rule 144A under the Securities Act, and outside United States to non-U.S. persons based on the exemption from registration under Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or the securities laws of any state or other jurisdiction, and may not be offered or sold in United States without registration or applicable exemption from securities law and applicable state or sky blue securities laws and foreign securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and there will be no sale of the Notes in any jurisdiction where such an offer, solicitation or sale would be illegal.

About Alimentation Couche-Tard Inc.

Couche-Tard is a leading global convenience store and fuel retailer, present in 26 countries and territories, with more than 14,200 stores, of which approximately 10,800 provide road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is the largest independent operator of convenience stores in terms of number of corporate stores in United States and it is an industry leader in the convenience store and retailing of road transportation fuel in Canada, Scandinavia, the Baltic States, as well as in Ireland. It also has an important presence in Poland and Hong Kong. Around 135,000 people are employed throughout its network.

Forward-looking statements

The statements contained in this press release, which describe Couche-Tard’s objectives, projections, estimates, expectations or forecasts, may constitute forward-looking statements within the meaning of securities laws. Positive or negative verbs such as “believe”, “may”, “must”, “intend”, “expect”, “estimate”, “assume” and other related expressions are used to identify these statements. Couche-Tard wishes to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated or underlying such statements, or could have an impact on the degree of achievement of a particular projection. The main factors that could cause Couche Tard’s actual results to differ materially from the projections or expectations set out in the forward-looking statements include the effects of the integration of acquired businesses and the ability to achieve the projected synergies, uncertainty related to the duration and severity of the current COVID-19 pandemic, fluctuations in margins on fuel sales, competition in the convenience store and retail fuel sectors, variations in exchange rates, our ability to consume the supply of tickets on the terms anticipated use of the proceeds thereof and potential changes in market conditions, and other risks described in detail from time to time in reports filed by Couche-Tard with the securities regulatory authorities in Canada. Unless otherwise provided by applicable securities laws, Couche-Tard disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. The forward-looking information contained in this press release is based on information available at the date of publication.

SOURCE Alimentation Couche-Tard Inc.

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