Premium Brands greenshoe lifts convertibles to C$86.25 million

New York, April 12 – Premium Brands Holdings Corp. said it completed an C$86.25 million offering of 4.65% convertible unsecured subordinated debentures, reflecting the exercise in full of the C$11.25 million over-allotment option.

The company priced C$75 million of the convertibles on March 22 in a bought deal via lead managers CIBC Capital Markets and BMO Capital Markets.

Proceeds from the sale will be used to help fund Premium Brands’ acquisition of substantially all of the assets and business undertakings of C&C Packing Inc. and its affiliate, Premier Meat Packers (2009) Inc., suppliers of fresh and frozen meat products to retailers and foodservice distributors in central and eastern Canada.

The convertibles mature on April 30, 2021 and convert at a rate of 11.6414 shares per C$1,000 principal amount, a conversion price of C$85.60.

The securities will be listed on the Toronto Stock Exchange under the symbol “PBH.DB.E”.

Premium Brands is a Vancouver, B.C., specialty food manufacturer and food distributor.

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