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Press release from CNW Group

Hudson's Bay Company Completes $365 Million Initial Public Offering

Monday, November 26, 2012

Hudson's Bay Company Completes $365 Million Initial Public Offering09:29 EST Monday, November 26, 2012/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/TORONTO, Nov. 26, 2012 /CNW/ - Hudson's Bay Company (TSX: HBC) (the "Company") announced today the closing of its initial public offering (the "Offering") of 21,475,000 common shares of the Company at a price of $17.00 per share resulting in gross proceeds of $365,075,000. The Offering consisted of a treasury offering by the Company of 14,710,000 common shares and a secondary offering by Hudson's Bay Company (Luxembourg) S. à r. l. (the "Selling Shareholder") of 6,765,000 common shares, for gross proceeds to the Company of $250,070,000 and to the Selling Shareholder of $115,005,000. The net proceeds to the Company will be used to repay indebtedness of the Company.The common shares are listed on the Toronto Stock Exchange under the symbol "HBC". Upon closing of the Offering there are 120,000,000 common shares issued and outstanding.The Offering was made through a syndicate of underwriters led by RBC Capital Markets, BMO Capital Markets, CIBC and BofA Merrill Lynch who acted as joint bookrunners. The underwriters have been granted an over-allotment option, exercisable within 30 days from the date hereof, to purchase up to an additional 3,221,250 common shares from the Selling Shareholder. The Company will not receive any proceeds from the sale of these additional shares, if any.No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ''U.S. Securities Act''), or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Hudson's Bay Company in any jurisdiction.ABOUT HUDSON'S BAY COMPANY Hudson's Bay Company ("HBC"), founded in 1670, is North America's longest continually operated company and is a leading retailer offering a wide selection of branded merchandise in Canada and the United States through its three banners. In the United States, HBC operates Lord & Taylor, a fashion department store with 48 full-line store locations throughout the northeastern United States and in two major cities in the Midwest. In Canada, HBC operates Hudson's Bay, Canada's largest national branded department store with 90 locations. HBC also operates Home Outfitters, a kitchen, bed and bath superstore with 69 locations. With approximately 29,000 associates in Canada and the U.S., Hudson's Bay Company banners provide stylish, quality merchandise at great value and with a dedicated focus on exceeding customers' expectations.SOURCE: Hudson's Bay CompanyFor further information: MEDIA CONTACTS: Stephanie Thornbury Divisional Vice President, Communications Hudson's Bay Company Phone: (416) 436-8086 Email: stephanie.thornbury@hbc.com Tiffany Bourré Senior Manager, External Communications Hudson's Bay Company Phone: (905) 595-7184 Email: tiffany.bourre@hbc.com