Hudson’s Bay Company Announces Completion of Secondary Offering of Common Shares

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO--()--Hudson’s Bay Company (TSX:HBC) (“HBC” or the “Company”) is pleased to announce today that it has completed the previously announced secondary offering pursuant to which 2380162 Ontario Limited (the “Selling Shareholder”), a subsidiary of Ontario Teachers’ Pension Plan, sold an aggregate of 4,899,000 common shares of the Company (“Common Shares”) at a price of $23.60 per Common Share, for aggregate gross proceeds of approximately $115.6 million (the “Offering”), which includes the exercise in full of the over-allotment option. HBC did not receive any proceeds from the Offering.

The Offering was completed on a bought deal basis by RBC Capital Markets, who acted as sole bookrunner, and Morgan Stanley.

Immediately following completion of the Offering, the Selling Shareholder owns approximately 25.77 million Common Shares and previously issued warrants to acquire 5 million Common Shares, representing in the aggregate approximately 16.4% of the partially diluted (assuming the exercise of the Selling Shareholder’s warrants only) Common Shares.

The Common Shares have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

About Hudson’s Bay Company

Hudson’s Bay Company, founded in 1670, is North America’s longest continually operated company. Today, HBC offers customers a range of retailing categories and shopping experiences primarily in the United States and Canada. Our leading banners – Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue and Saks Fifth Avenue OFF 5TH – offer a compelling assortment of apparel, accessories, shoes, beauty and home merchandise. Hudson’s Bay is Canada’s most prominent department store with 90 full-line locations, two outlet stores and thebay.com. Lord & Taylor operates 50 full-line locations primarily in the northeastern and mid-Atlantic U.S., four Lord & Taylor outlet locations and lordandtaylor.com. Saks Fifth Avenue, one of the world’s pre-eminent luxury specialty retailers, comprises 39 U.S. stores, five international licensed stores and saks.com. OFF 5TH offers value-oriented merchandise through 79 U.S. stores and saksoff5th.com. Home Outfitters is Canada’s largest kitchen, bed and bath specialty superstore with 67 locations. Hudson’s Bay Company trades on the Toronto Stock Exchange under the symbol “HBC”.

Contacts

Hudson’s Bay Company
Media Contact:
Tiffany Bourré, 905.595.7184
Director, External Communications
tiffany.bourre@hbc.com
or
Investor Relations:
416-256-6745
investorrelations@hbc.com

Release Summary

Hudson’s Bay Company Announces Completion of Secondary Offering of Common Shares

Hudson’s Bay Company