Business
Premium Brands Holdings Corporation Announces Completion of $172.7 Million Offering of Subscription Receipts
Premium Brands Holdings Corporation Announces Completion of $172.7 Million Offering of Sub...
About this update from Premium Brands Holdings Corporation
[{"type":"text","content":"\n\n\n\nPremium Brands Holdings Corporation Announces Completion of $172.7 Million Offering of Subscription Receipts\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 2, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n\n\n\nVANCOUVER, May 2, 2018 /CNW/ - Premium Brands Holdings Corporation (\"Premium Brands\" or the \"Company\") (TSX:PBH), a leading producer, marketer and distributor of branded specialty food products, is pleased to announce the successful closing of the issue and sale of 1,472,000 subscription receipts (the \"Subscription Receipts\") at a price of $117.35 per Subscription Receipt, for gross proceeds of approximately $172.7 million (the \"Offering\").\n\nThe Subscription Receipts were offered to the public through a syndicate of underwriters which was co-led by CIBC Capital Markets, Scotiabank, BMO Capital Markets and Cormark Securities, and included National Bank Financial Inc., TD Securities Inc., RBC Capital Markets, Canaccord Genuity Corp., iA Securities and PI Financial Corp. (collectively, the \"Underwriters\"). The Offering included 192,000 Subscription Receipts issued pursuant to the exercise, in full, of an over-allotment option granted to the Underwriters by the Company.\n\nOnce the net proceeds from the Offering are released from escrow by the subscription receipt agent, such proceeds will be used by the Company to finance, in part, the previously announced acquisition (the \"Oberto's Acquisition\") of substantially all of the assets and business undertakings of the meat snack business (the \"Oberto's Business\") of Oberto Sausage Company (the \"Seller\") pursuant to a definitive agreement dated as of April 12, 2018 between, among others, the Company and the Seller (the \"Oberto's Acquisition Agreement\"), as well as the Company's expenses of the Offering and the Oberto's Acquisition. The balance of the purchase price for the Oberto's Acquisition will be satisfied by a draw on the Company's credit facility.\n\nThe Seller is a Seattle, Washington-based ma...