Premium Brands Holdings completes financing of 5.00% convertible unsecured subordinated debentures

On April 17, 2015, Premium Brands Holdings Corporation (Premium Brands) successfully closed the issue and sale of C$60,000,000 of convertible unsecured subordinated debentures at a price of C$1,000 per debenture. The debentures will bear interest from the date of issue at 5.00% per annum, with a maturity date of April 30, 2020.

The debentures were offered to the public through a syndicate of underwriters co-led by BMO Capital Markets and CIBC World Markets Inc., and which included Cormark Securities Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp. and PI Financial Corp. Pursuant to an underwriting agreement, on April 23, 2015 the underwriters closed the issuance and sale of an additional C$9,000,000 aggregate principal amount of debentures as part of the over-allotment option granted by Premium Brands at the same price as the offering. The exercise in full of the over-allotment option increased the total gross proceeds of the offering to C$69,000,000.

Premium Brands intends to use the net proceeds from the offering to initially reduce existing indebtedness under its senior credit facility, which will then be available to be drawn, as required, to fund the redemption of its 5.75% debentures due December 31, 2015, future potential strategic acquisitions and/or capital projects.

Further information can be found on Marketwired's website.

Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nevada, Ohio and Washington State.