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Press release from CNW Group

George Weston Limited to Issue $350 million of Medium Term Notes, Series 2-A

Thursday, October 20, 2011

George Weston Limited to Issue $350 million of Medium Term Notes, Series 2-A16:43 EDT Thursday, October 20, 2011TORONTO, Oct. 20, 2011 /CNW/ - George Weston Limited (TSX: WN) (the "Company") will issue $350 million principal amount of Medium Term Notes, Series 2-A pursuant to its Medium Term Notes, Series 2 program.  This transaction was well subscribed and the notes are to be offered severally by one or more of RBC Dominion Securities Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc., Bank of America Merrill Lynch, National Bank Financial Inc., Scotia Capital Inc., and TD Securities Inc. and are expected to be issued on October 25, 2011.   The notes will pay a fixed rate of 3.78% per annum until maturity on October 25, 2016.  The notes will be unsecured obligations of the Company and will rank equally with all other unsecured indebtedness of the Company that has not been subordinated.  The net proceeds of the offering will be used to fund the retirement of the Company's $300 million of indebtedness maturing in October, 2011 and for general corporate purposes.  The Company will bridge any gap between receipt of the proceeds and the maturity date of the outstanding medium term notes through available cash resources.The Company intends to file a pricing supplement in Canada for this issue pursuant to its short form base shelf prospectus dated May 25, 2011 and its prospectus supplement dated June 15, 2011 in respect of the program.  Details of the offering will be set out in the prospectus supplement and the pricing supplement, which will be available on the sedar website at www.sedar.com.The Medium Term Notes, Series 2-A have not been and will not be registered under the United States Securities Act of 1933 and may not be offered, sold or delivered in the United States or to U.S. Persons absent registration or an applicable exemption from the registration requirement of such Act.  This news release does not constitute an offer to sell or a solicitation to buy the Medium Term Notes, Series 2-A in the United States.About George Weston LimitedGeorge Weston Limited is a Canadian public company founded in 1882 and through its operating subsidiaries constitutes one of North America's largest food processing and distribution groups. Weston has two reportable operating segments: Weston Foods and Loblaw, which is operated by Loblaw Companies Limited. The Weston Foods operating segment is primarily engaged in the baking industry within North America.  Loblaw is Canada's largest food distributor and a leading provider of general merchandise, drugstore and financial products and services.For further information: Geoffrey H. Wilson Senior Vice President, Financial Control and Investor Relations (416) 922-2500