Mullen Group Ltd. Announces Closing of Private Placement Notes Offering and Updated Bank Credit Facilities
2024年7月11日 - 9:50AM
(TSX: MTL) Mullen Group Ltd. (“
Mullen Group”,
“
We”, “
Our” and/or the
“
Corporation”) announces that it has closed its
previously announced private placement (the
“
Offering”) of approximately CAD$400.0 million
aggregate principal amount senior secured notes due July 10, 2034
(the “
Notes”).
The Notes consist of an aggregate principal
amount of US$75.0 million with a yield of 6.50% per annum and
CAD$300.0 million with a yield of 5.93% per annum. The Notes are
guaranteed by Mullen Group’s subsidiaries, MT Investments Inc. and
MGL Holding Co. Ltd. (each, a “Guarantor”) and
secured by a first ranking charge over all present and
after-acquired property of the Corporation and each Guarantor (the
“Security”). Mullen Group intends to use the net
proceeds from the Offering to repay its existing private placement
debt maturing in October 2024 and for general corporate
purposes.
The Notes have been offered only in a private
placement to institutional accredited investors in reliance on
Section 4(a)(2) under the Securities Act of 1933, as amended (the
“Securities Act”). The Notes have not been
registered under the Securities Act, Canadian securities laws or
the securities laws of any other jurisdiction, and may not be
offered or sold within the United States, or to or for the account
or benefit of any U.S. Person, absent registration or an applicable
exemption from registration requirements. Mullen Group is under no
obligation, and has no intention to, register the Notes under the
Securities Act, Canadian securities laws or the securities laws of
any other jurisdiction in the future. The Notes have not been and
will not be qualified for distribution to the public under
applicable Canadian securities laws and, accordingly, any offer and
sale of the securities in Canada will be made on a basis which is
exempt from the prospectus and dealer registration requirements of
such securities laws. The Notes have been offered in Canada on a
private placement basis only to “accredited investors”.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy the Notes. This
press release also does not constitute an offer to sell or the
solicitation of an offer to buy the Notes in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that
jurisdiction, or an exemption is available from such registration
or qualification.
Bank Credit Facilities
In conjunction with the closing of the Offering,
the Corporation entered into amended and restated credit facilities
with its lenders (“Amended Bank Credit
Facilities”) and entered into a new $125.0 million credit
agreement with The Toronto-Dominion Bank (the “TD Credit
Facility”, and together with the Amended Bank Credit
Facilities, the “Bank Credit Facilities”). The
Bank Credit Facilities provide revolving demand credit and upsizes
the borrowing capacity to the Corporation to an aggregate $525.0
million, including increasing its borrowing capacity with Canadian
Imperial Bank of Commerce from $100.0 million to $125.0 million.
All material terms in the Amended Bank Credit Facilities are
substantially similar to the terms under the prior existing credit
facilities and to each other (see press release dated January 8,
2024). The Bank Credit Facilities rank pari passu with the Notes
and are secured by the Security.
About Mullen Group Ltd.
Mullen Group is one of Canada’s largest
logistics providers. Our network of independently operated
businesses provide a wide range of service offerings including
less-than-truckload, truckload, warehousing, logistics, transload,
oversized, third-party logistics and specialized hauling
transportation. In addition, we provide a diverse set of
specialized services related to the energy, mining, forestry and
construction industries in western Canada, including water
management, fluid hauling and environmental reclamation. The
corporate office provides the capital and financial expertise,
legal support, technology and systems support, shared services and
strategic planning to its independent businesses.
Mullen Group is a publicly traded corporation
listed on the Toronto Stock Exchange under the symbol
“MTL”. Additional information is available on our
website at www.mullen-group.com or on the Corporation’s issuer
profile on SEDAR+ at www.sedarplus.ca.
Contact Information
Mr. Murray K. Mullen - Chair, Senior Executive
Officer and PresidentMr. Richard J. Maloney - Senior Operating
OfficerMr. Carson P. Urlacher - Senior Financial OfficerMs. Joanna
K. Scott - Senior Corporate Officer
121A - 31 Southridge DriveOkotoks, Alberta, Canada
T1S 2N3Telephone: 403-995-5200Fax: 403-995-5296
Disclaimer
Mullen Group may make statements in this news
release that reflect its current beliefs and assumptions and are
based on information currently available to it and contains
forward-looking statements and forward-looking information
(collectively, “forward-looking statements”) within the meaning of
applicable securities laws. This news release may contain
forward-looking statements that are subject to risk factors
associated with the overall economy and the oil and natural gas
business. These forward-looking statements relate to future events
and Mullen Group’s future performance. All forward looking
statements and information contained herein that are not clearly
historical in nature constitute forward-looking statements, and the
words “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”,
“anticipate”, “believe”, “estimate”, “propose”, “predict”,
“potential”, “continue”, “aim”, or the negative of these terms or
other comparable terminology are generally intended to identify
forward-looking statements. Such forward-looking statements
represent Mullen Group’s internal projections, estimates,
expectations, beliefs, plans, objectives, assumptions, intentions
or statements about future events or performance. These
forward-looking statements involve known or unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements. Mullen Group believes that the
expectations reflected in these forward-looking statements are
reasonable; however, undue reliance should not be placed on these
forward-looking statements, as there can be no assurance that the
plans, intentions or expectations upon which they are based will
occur. In particular, forward-looking statements include but are
not limited to the following: the terms and timing of the Notes
Offering and the use of proceeds of the Notes Offering. These
forward-looking statements are based on certain assumptions and
analyses made by Mullen Group in light of our experience and our
perception of historical trends, current conditions, expected
future developments and other factors we believe are appropriate
under the circumstances. These assumptions include but are not
limited to the following: (i) that the Notes Offering will close as
expected. For further information on any strategic, financial,
operational and other outlook on Mullen Group’s business please
refer to Mullen Group’s Management’s Discussion and Analysis
available for viewing on Mullen Group’s issuer profile on SEDAR+ at
www.sedarplus.ca. Additional information on risks that could affect
the operations or financial results of Mullen Group may be found
under the heading “Principal Risks and Uncertainties” starting on
page 50 of the 2023 Annual Financial Review as well as in reports
on file with applicable securities regulatory authorities and may
be accessed through Mullen Group’s issuer profile on the SEDAR+
website at www.sedarplus.ca. The forward-looking statements
contained in this news release are expressly qualified by this
cautionary statement. The forward-looking statements contained
herein is made as of the date of this news release and Mullen Group
disclaims any intent or obligation to update publicly any such
forward-looking statements, whether as a result of new information,
future events or results or otherwise, other than as required by
applicable Canadian securities laws. Mullen Group relies on
litigation protection for forward-looking statements.
Mullen (TSX:MTL)
過去 株価チャート
から 7 2024 まで 8 2024
Mullen (TSX:MTL)
過去 株価チャート
から 8 2023 まで 8 2024