New York, March 15 – Premium Brands Holdings Corp. priced C$150 million of convertible unsecured subordinated debentures due 2025 after the market close on Thursday with a 4.65% coupon and a 65% initial conversion premium, according to a news release.
BMO Capital Markets, CIBC Capital Markets and Scotiabank led the syndicate of underwriters for the bought deal, which was sold via a short-form prospectus in Canada and under Rule 144A in the United States.
Proceeds will be used to help fund the acquisition of Concord Premium Meats Ltd.
Remaining proceeds will be used to repay debt, including the planned redemption of the company’s 5% convertible unsecured subordinated debentures due April 30, 2020, and for acquisitions and capital projects.
Premium Brands is a Vancouver, B.C. producer and distributor of branded specialty food products.
| Issuer: | Premium Brands Holdings Corp.
|
| Issue: | Convertible unsecured subordinated debentures
|
| Amount: | C$150 million
|
| Greenshoe: | C$22.5 million
|
| Maturity: | April 30, 2025
|
| Coupon: | 4.65%
|
| Initial conversion premium: | 65%
|
| Conversion price: | C$182.51
|
| Conversion rate: | 5.4792
|
| Underwriters: | BMO Capital Markets, CIBC Capital Markets and Scotiabank
|
| Pricing date: | March 15
|
| Settlement date: | April 10
|
| Distribution: | Short-form prospectus in Canada, Rule 144A
|
| Stock symbol: | TSX Venture: PBH
|
| Stock price: | C$110.61 at close on March 15
|
| Market capitalization: | C$3.13 billion
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
