Metro Establishes MTN Program and Completes $600M Offering

Metro Inc. filed a short-form base shelf prospectus dated September 30, 2005, establishing a $750 million medium term note program. On October 12, 2005, Metro accessed the program completing an offering of an aggregate of $600 million of notes, of which $200 million are due 2015 and $400 million are due 2035. The issue of $400 million of 30-year notes by Metro represents the first 30-year debt financing in Canada by a BBB-rated issuer. The notes were offered by a syndicate of dealers led by BMO Nesbitt Burns Inc. and Merrill Lynch Canada Inc.

Metro was represented in-house by Simon Rivet, vice-president, legal services and secretary, and by Ogilvy Renault LLP with a team that included Paul Raymond, Marie-France Nantel, Niko Veilleux and Jennie Dorsaint. The syndicate of dealers was represented by Davies Ward Phillips & Vineberg LLP with a team that included Sylvain Cossette, Neil Kravitz and S├ębastien Roy.