Premium Brands completes C$86.25 million financing

On April 12, 2016, Premium Brands Holdings Corporation (Premium Brands) announced the successful closing of the issue and sale of C$86,250,000 of 4.65% convertible unsecured subordinated debentures at a price of C$1,000 per debenture. The debentures were offered to the public through a syndicate of underwriters which was co-led by CIBC Capital Markets and BMO Capital Markets, and included Cormark Securities Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., PI Financial Corp., Canaccord Genuity Corp. and Dundee Securities Ltd. The offering included C$11,250,000 of debentures issued pursuant to the exercise, in full, of the over-allotment option granted to the underwriters.

Premium Brands intends to use the net proceeds of the offering to fund a portion of the purchase price in connection with its previously announced acquisition of substantially all of the assets and business undertakings of C&C Packing Inc. and its affiliate, Premier Meat Packers (2009) Inc., who supply a variety of fresh and frozen meat products to retailers and foodservice distributors across central and eastern Canada.

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