Premium Brands completes C$172.5 million financing of 4.65% convertible unsecured subordinated debentures

On April 10, 2018, Premium Brands Holdings Corporation ("Premium Brands") announced the successful closing of the issue and sale of C$172.5 million 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 that was co-led by BMO Capital Markets, CIBC Capital Markets, and Scotia Capital Inc., and included National Bank Financial Inc., TD Securities Inc., RBC Dominion Securities Inc., Cormark Securities Inc., Canaccord Genuity Corp., Industrial Alliance Securities Inc. and PI Financial Corp. The offering included C$22.5 million of debentures issued pursuant to the exercise, in full, of an over-allotment option granted to the underwriters by Premium Brands.

Premium Brands intends to use the net proceeds of the offering to reduce existing indebtedness under its revolving credit facility (the "Credit Facility"), thereby increasing the amount available to be drawn under the Credit Facility, as required, to fund a portion of the purchase price of the previously announced acquisition of Concord Premium Meats Ltd. in the amount of approximately C$122 million, to fund the intended redemption of the company's outstanding 5.00% convertible unsecured subordinated debentures due April 30, 2020 and to fund future potential strategic acquisitions and capital projects that may arise.

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 in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia, Nevada, Ohio, Arizona, Minnesota, Mississippi and Washington State.