Maple Leaf Foods Issues Debt

On December 17, 2002, Maple Leaf Foods Inc. issued US$200 million of long-term debt with Prudential Capital Group, an institutional investment management business of Prudential Financial, Inc. Of the $200 million placement, US$60 million is repayable in 2007, and the remaining US$140 million in 2009. The two notes have interest rate coupons of 5.64 per cent and 6.26 per cent respectively. Proceeds will be used to reduce drawings under the company’s revolving line of credit and for general corporate purposes.

Maple Leaf Foods was represented by Osler, Hoskin & Harcourt LLP, with a team comprised of Laurie Barrett, Victoria Graham, Katty Habib, Monica Biringer and Minal Upadhyaya in Toronto, and by David Garbus of Robinson & Cole LLP in Boston and New York. Prudential was represented by Tom O’Connor and Christine Peaslee of Bingham McCutchen LLP in New York, and by Chris Bardsley and Timothy Wach of Gowling Lafleur Henderson LLP in Toronto.