Premium Brands greenshoe partially exercised, lifts 4.6% seven-year convertibles to C$113 million

By Susanna Moon

Chicago, Dec. 15 – Premium Brands Holdings Corp. underwriters exercised C$13 million of the over-allotment option on its 4.6% convertible unsecured subordinated debentures due Dec. 31, 2023.

This brings the total deal size to C$113 million, according to a company update.

As previously reported, the company launched the C$100 million bought deal on Nov. 15 with a C$15 million greenshoe.

CIBC Capital Markets, BMO Capital Markets and National Bank Financial Inc. underwrote the deal.

The C$1,000-par bonds can be converted at C$107.25, equating to a conversion rate of 9.324 shares of common stock per each C$1,000 of notes.

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

Premium Brands is a Vancouver, B.C.-based specialty food manufacturer.

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