Sobeys Establishes MTN Programme and Completes Offering

Sobeys Inc. filed a short-form base shelf prospectus on February 17, 2003, in respect of the establishment of a $500 million medium term note programme. Under the programme, Scotia Capital Inc., CIBC World Markets Inc. and National Bank Financial Inc. were appointed as dealers for the sale of Sobeys’s medium term notes. Subsequent to the filing of the shelf prospectus, on February 26, 2003, Sobeys completed an offering of $100 million of 15-year medium terms notes, maturing February 26, 2018, led by the dealers. The medium term notes were assigned ratings of BBB(high) by DBRS and BBB- by Standard & Poor’s and are guaranteed by certain of Sobeys’s material subsidiaries.

Sobeys was represented by Stewart McKelvey Stirling Scales, with a team that included Fraser MacFadyen, Andrew Burke, Deanne Macleod and Corinne Boudreau. The dealers were represented by Fasken Martineau DuMoulin LLP, with a team that included Richard Steinberg and John Sabetti.