Alimentation Couche-Tard Inc. (“Couche-Tard”) completed three private placements of senior unsecured notes for more than C$4.4 billion of principal amount, the first of which completed in January 2024 and denominated in C$ (the “CAD Offering”) for a principal amount of C$500 million, the second of which completed in February 2024 and denominated in US$ for US$1.5 billion aggregate principal amount, consisting of two tranches (the “US Offering”), and the third of which completed in February 2024 and denominated in € for €1,35 billion aggregate principal amount, consisting of two tranches (the “EUR Offering”), namely:
• C$500 million aggregate principal amount of 4.603% Series 8 Senior Unsecured Notes due 2029
• US$900 million aggregate principal amount of 5.267% Senior Unsecured Notes due 2034
• US$600 million aggregate principal amount of 5.617% Senior Unsecured Notes due 2054
• €700 million aggregate principal amount of 3.647% Senior Unsecured Notes due 2031
• €650 million aggregate principal amount of 4.011% Senior Unsecured Notes due 2036
The notes were offered by a syndicate of 16 placing agents of which, National Bank of Canada Financial Market, Desjardins Capital Market, RBC Capital Markets and Scotiabank, led the CAD Offering, as joint-book runners, and J.P. Morgan and Wells Fargo Securities, Ltd., led the US and EUR Offerings, as global coordinators. Barclays, BMO Capital Markets, BNP Paribas, BofA Securities, Goldman Sachs & Co. LLC, HSBC, MUFG, Rabo Securities, SMBC Nikko and TD Securities also formed part of the syndicate.
Couche-Tard is a global leader in convenience and mobility, operating in 29 countries and territories, with more than 16,700 stores, of which approximately 13,100 offer road transportation fuel.
Fasken acted as counsel to the placing agents in the three private placements with a team comprised of Jean-Pierre Chamberland and Damien Hallé-Hannan (Capital Markets) and Marc Novello, Marwan El-Sayegh and Marilie Gagné (Banking and Finance).
Jurisdiction
- Québec
