By Wendy Van Sickle
Columbus, Ohio, May 24 – Premium Brands Holdings Corp. priced C$150 million of convertible debentures due Sept. 30, 2029 at par with a coupon of 5.4% and an initial conversion premium of 60%, according to a company news release.
National Bank Financial Inc, BMO Capital Markets, CIBC Capital Markets and Scotiabank were bookrunners for the bought deal, which carries a greenshoe of C$22.5 million.
The deal will be marketed via Rule 144A in the United States and via short form prospectus in Canada.
Proceeds will be used to pay down the company’s revolving credit facility, for general corporate purposes and for potential future acquisitions.
Premium Brands is a Vancouver. B.C.-based specialty food manufacturer and distribution business.
| Issuer: | Premium Brands Holdings Corp.
|
| Amount: | C$150 million
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| Greenshoe: | C$22.5 million
|
| Issue: | Convertible subordinated debentures
|
| Maturity: | Sept. 30, 2029
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| Bookrunners: | National Bank Financial Inc., BMO Capital Markets, CIBC Capital Markets and Scotiabank
|
| Coupon: | 5.4%
|
| Price: | Par
|
| Yield: | 5.4%
|
| Conversion premium: | 60%
|
| Conversion price: | C$160.25
|
| Conversion rate: | 6.2402
|
| Pricing date: | May 24
|
| Settlement date: | June 13
|
| Distribution: | Rule 144A in United States, short form prospectus in Canada
|
| Stock symbol: | TSX: PBH
|
| Stock price: | C$100.17 closing price on May 24
|
| Market capitalization: | C$4.52 billion
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