Premium Brands greenshoe lifts 5.5% convertible sale to C$57.5 million

By Tali David

Minneapolis, Oct. 18 - Underwriters for Premium Brands Holding Corp.'s 5.5% convertible unsecured subordinated debentures due June 30, 2019 exercised their over-allotment option in full, adding an additional C$7.5 million, according to a press release.

The company priced C$50 million of the five-year convertibles on Sept. 12 at par with a 60% conversion premium.

As previously reported, the issue was made via a syndicate of underwriters co-led by CIBC World Markets Inc., BMO Capital Markets, National Bank Financial Inc., Scotiabank and TD Securities Inc.

Proceeds are expected to be used to reduce debt, for future acquisitions and for general corporate purposes.

Vancouver, B.C.-based Premium Brands is a producer, marketer and distributor of branded specialty food products.

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