VANCOUVER, BC, Nov. 12, 2021 /CNW/ - Premium Brands Holdings
Corporation ( "Premium Brands" or the "Corporation") (TSX: PBH), a
leading producer, marketer and distributor of branded specialty
food products, announced today that it will issue a notice (the
"Notice") of redemption to holders of its currently outstanding
4.60% convertible unsecured subordinated debentures due
December 31, 2023 (the "Debentures").
As set out in the Notice, the redemption date of the Debentures
will be December 16, 2021 (the
"Redemption Date"). The Debentures are redeemable for an amount
(the "Redemption Price") equal to the principal amount of the
Debentures plus accrued unpaid interest up to, but excluding, the
Redemption Date. There are approximately $113.0 million aggregate principal amount of the
Debentures outstanding.
Prior to the redemption of the Debentures, each holder will have
the right to convert their Debentures into common shares of the
Corporation (each being a "Common Share") at a conversion price of
$107.25 per Common Share (the
"Conversion Price") at any time on or prior to December 15, 2021. The required form of
conversion notice will be available on SEDAR at www.sedar.com, and
should be submitted to TSX Trust Company, as follows:
TSX Trust Company
301-100 Adelaide Street W.
Toronto, Ontario M5H 4H1
Attention: Corporate Actions
A holder electing to convert the principal amount of their
Debentures will receive approximately 9.3240 Common Shares for each
$1,000 principal amount of Debentures
converted. No fractional shares will be issued on conversion but,
in lieu thereof, the Corporation shall pay the cash equivalent
thereof determined on the basis of the current market price of the
Common Shares on the conversion date, as applicable (less any tax
required to be deducted, if any), if the fractional share
equivalent is greater than or equal to $10.00.
All holders of Debentures who fail to deliver a notice of
conversion on or prior to December 15,
2021 shall have their Debentures redeemed for cash on the
Redemption Date.
Beneficial holders of Debentures who wish to convert their
Debentures into Common Shares should consult with their financial
institutions as soon as possible and allow for sufficient time to
complete the conversion process.
About Premium Brands
Premium Brands owns a broad range of leading specialty food
manufacturing and differentiated food distribution businesses with
operations across Canada and
the United States.
Forward-Looking Statements
This press release contains forward looking statements with
respect to the Corporation, including its business operations,
strategy and financial performance and condition. Although
management believes that the expectations reflected in such forward
looking statements are reasonable and represent the Corporation's
internal expectations and belief as of the date hereof, such
statements involve unknown risks and uncertainties beyond the
Corporation's control which may cause its actual performance and
results in future periods to differ materially from any estimates
or projections of future performance or results expressed or
implied by such forward looking statements.
Forward looking statements generally can be identified by the
use of forward-looking words such as "may", "could", "should",
"would", "will", "expect", "intend", "plan", "estimate", "project",
"anticipate", "believe" or "continue", or the negative thereof or
similar variations.
Unless otherwise indicated, the forward-looking information in
this document is made as of November 11,
2021, and, except as required by applicable law, will not be
publicly updated or revised. This cautionary statement expressly
qualifies the forward-looking information in this press
release.
SOURCE Premium Brands Holdings Corporation