Premium Brands completes C$57.5 million private placement of common shares

On December 1, 2020, Premium Brands Holdings Corporation ("Premium Brands") announced the completion of a private placement of 590,000 common shares at a price of C$97.55 per offered share with Canada Pension Plan Investment Board ("CPP Investments") (including 77,000 common shares issued in connection with the exercise, in full, of CPP Investments' additional share option), for aggregate ;gross proceeds to Premium Brands of approximately C$57.5 million.

Concurrent with the closing of the private placement, Premium Brands also announced the successful closing of the issue and sale of 2,358,650 common shares (including 307,650 common shares issued in connection with the exercise, in full, of an over-allotment option offered to the syndicate of underwriters co-led by Cormark Securities Inc., BMO Capital Markets, CIBC Capital Markets, National Bank Financial Inc. and Scotiabank) at the same price as the private placement.

Premium Brands intends to use the net proceeds from the offering and the private placement to temporarily reduce indebtedness under its revolving credit facility, which will then be drawn upon to fund the purchase price of its previously announced proposed acquisition of Clearwater Seafoods Incorporated.

Further information can be found on Canada Newswire’s website.

Premium Brands ;owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations across Canada, the United States and Italy.

CPP Investments is a professional investment management organization that invests around the world in the best interests of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. Governed and managed independently of the Canada Pension Plan and at arm’s length from governments, at September 30, 2020, the Fund totalled C$456.7 billion.