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Printed Jul 10, 2024 • 6 minute learn
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OKOTOKS, Alberta, July 10, 2024 (GLOBE NEWSWIRE) — (TSX: MTL) Mullen Group Ltd. (“Mullen Group”, “We”, “Our” and/or the “Company”) declares that it has closed its beforehand introduced personal placement (the “Providing”) of roughly CAD$400.0 million mixture principal quantity senior secured notes due July 10, 2034 (the “Notes”).
The Notes include an mixture principal quantity of US$75.0 million with a yield of 6.50% every year and CAD$300.0 million with a yield of 5.93% every year. The Notes are assured by Mullen Group’s subsidiaries, MT Investments Inc. and MGL Holding Co. Ltd. (every, a “Guarantor”) and secured by a primary rating cost over all current and after-acquired property of the Company and every Guarantor (the “Safety”). Mullen Group intends to make use of the online proceeds from the Providing to repay its present personal placement debt maturing in October 2024 and for normal company functions.
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The Notes have been provided solely in a non-public placement to institutional accredited buyers in reliance on Part 4(a)(2) below the Securities Act of 1933, as amended (the “Securities Act”). The Notes haven’t been registered below the Securities Act, Canadian securities legal guidelines or the securities legal guidelines of every other jurisdiction, and is probably not provided or offered inside the US, or to or for the account or good thing about any U.S. Particular person, absent registration or an relevant exemption from registration necessities. Mullen Group is below no obligation, and has no intention to, register the Notes below the Securities Act, Canadian securities legal guidelines or the securities legal guidelines of every other jurisdiction sooner or later. The Notes haven’t been and won’t be certified for distribution to the general public below relevant Canadian securities legal guidelines and, accordingly, any provide and sale of the securities in Canada might be made on a foundation which is exempt from the prospectus and supplier registration necessities of such securities legal guidelines. The Notes have been provided in Canada on a non-public placement foundation solely to “accredited buyers”.
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This press launch doesn’t represent a suggestion to promote or the solicitation of a suggestion to purchase the Notes. This press launch additionally doesn’t represent a suggestion to promote or the solicitation of a suggestion to purchase the Notes in any jurisdiction by which such provide, solicitation or sale could be illegal previous to registration or qualification below the securities legal guidelines of that jurisdiction, or an exemption is out there from such registration or qualification.
Financial institution Credit score Services
At the side of the closing of the Providing, the Company entered into amended and restated credit score amenities with its lenders (“Amended Financial institution Credit score Services”) and entered into a brand new $125.0 million credit score settlement with The Toronto-Dominion Financial institution (the “TD Credit score Facility”, and along with the Amended Financial institution Credit score Services, the “Financial institution Credit score Services”). The Financial institution Credit score Services present revolving demand credit score and upsizes the borrowing capability to the Company to an mixture $525.0 million, together with rising its borrowing capability with Canadian Imperial Financial institution of Commerce from $100.0 million to $125.0 million. All materials phrases within the Amended Financial institution Credit score Services are considerably just like the phrases below the prior present credit score amenities and to one another (see press launch dated January 8, 2024). The Financial institution Credit score Services rank pari passu with the Notes and are secured by the Safety.
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About Mullen Group Ltd.
Mullen Group is one among Canada’s largest logistics suppliers. Our community of independently operated companies present a variety of service choices together with less-than-truckload, truckload, warehousing, logistics, transload, outsized, third-party logistics and specialised hauling transportation. As well as, we offer a various set of specialised providers associated to the vitality, mining, forestry and development industries in western Canada, together with water administration, fluid hauling and environmental reclamation. The company workplace supplies the capital and monetary experience, authorized help, expertise and methods help, shared providers and strategic planning to its impartial companies.
Mullen Group is a publicly traded company listed on the Toronto Inventory Alternate below the image “MTL”. Extra info is out there on our web site at www.mullen-group.com or on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca.
Contact Data
Mr. Murray Ok. Mullen – Chair, Senior Government Officer and President
Mr. Richard J. Maloney – Senior Working Officer
Mr. Carson P. Urlacher – Senior Monetary Officer
Ms. Joanna Ok. Scott – Senior Company Officer
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121A – 31 Southridge Drive
Okotoks, Alberta, Canada T1S 2N3
Phone: 403-995-5200
Fax: 403-995-5296
Disclaimer
Mullen Group could make statements on this information launch that mirror its present beliefs and assumptions and are based mostly on info at present accessible to it and incorporates forward-looking statements and forward-looking info (collectively, “forward-looking statements”) throughout the which means of relevant securities legal guidelines. This information launch could include forward-looking statements which might be topic to danger components related to the general financial system and the oil and pure fuel enterprise. These forward-looking statements relate to future occasions and Mullen Group’s future efficiency. All ahead trying statements and data contained herein that aren’t clearly historic in nature represent forward-looking statements, and the phrases “could”, “will”, “ought to”, “may”, “count on”, “plan”, “intend”, “anticipate”, “imagine”, “estimate”, “suggest”, “predict”, “potential”, “proceed”, “intention”, or the destructive of those phrases or different comparable terminology are typically supposed to establish forward-looking statements. Such forward-looking statements characterize Mullen Group’s inner projections, estimates, expectations, beliefs, plans, goals, assumptions, intentions or statements about future occasions or efficiency. These forward-looking statements contain identified or unknown dangers, uncertainties and different components which will trigger precise outcomes or occasions to vary materially from these anticipated in such forward-looking statements. Mullen Group believes that the expectations mirrored in these forward-looking statements are affordable; nevertheless, undue reliance shouldn’t be positioned on these forward-looking statements, as there could be no assurance that the plans, intentions or expectations upon which they’re based mostly will happen. Particularly, forward-looking statements embody however usually are not restricted to the next: the phrases and timing of the Notes Providing and the usage of proceeds of the Notes Providing. These forward-looking statements are based mostly on sure assumptions and analyses made by Mullen Group in mild of our expertise and our notion of historic developments, present circumstances, anticipated future developments and different components we imagine are applicable below the circumstances. These assumptions embody however usually are not restricted to the next: (i) that the Notes Providing will shut as anticipated. For additional info on any strategic, monetary, operational and different outlook on Mullen Group’s enterprise please discuss with Mullen Group’s Administration’s Dialogue and Evaluation accessible for viewing on Mullen Group’s issuer profile on SEDAR+ at www.sedarplus.ca. Extra info on dangers that might have an effect on the operations or monetary outcomes of Mullen Group could also be discovered below the heading “Principal Dangers and Uncertainties” beginning on web page 50 of the 2023 Annual Monetary Evaluation in addition to in stories on file with relevant securities regulatory authorities and could also be accessed by Mullen Group’s issuer profile on the SEDAR+ web site at www.sedarplus.ca. The forward-looking statements contained on this information launch are expressly certified by this cautionary assertion. The forward-looking statements contained herein is made as of the date of this information launch and Mullen Group disclaims any intent or obligation to replace publicly any such forward-looking statements, whether or not on account of new info, future occasions or outcomes or in any other case, aside from as required by relevant Canadian securities legal guidelines. Mullen Group depends on litigation safety for forward-looking statements.
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