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Mullen Group Ltd. Announces Pricing of Private Placement Notes Offering
OKOTOKS, Alberta, May 22, 2025 (GLOBE NEWSWIRE) -- (TSX: MTL) Mullen Group Ltd. (" Mullen Group...
About this update from Mullen Group Ltd.
Mullen Group Ltd. Announces Pricing of Private Placement Notes Offering OKOTOKS, Alberta, May 22, 2025 (GLOBE NEWSWIRE) -- (TSX: MTL) Mullen Group Ltd. (" Mullen Group ", " We ", " Our " and/or the " Corporation ") today announced that it has priced an approximately CAD$400.0 million aggregate principal amount senior secured notes offering (the " Notes Offering "), by way of a private placement. The senior secured notes (the " Notes ") will be 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 Notes will rank pari passu with Mullen Group’s outstanding senior secured notes maturing July 2034 and its amended and restated bank credit facilities (see the Corporation’s press release dated July 10, 2024). The Notes will mature on July 10, 2037, and are comprised of aggregate principal amounts of US$50.0 million with a yield of 6.91% per annum and CAD$325.0 million with a yield of 6.04% per annum. Interest on the Notes will accrue from the date of issue and be payable semi-annually in arrears on June 7 and December 7, beginning on December 7, 2025. The Notes Offering is expected to close on July 10, 2025, subject to the satisfaction of customary closing conditions. Mullen Group intends to use the net proceeds from the Notes Offering to prepay its existing private placement debt maturing in October 2026 and for general corporate purposes. " Today, we finalized another successful note private placement offering with long-term investors providing our organization with additional liquidity to fund our future growth plans. I want to thank all of the investors for investing in the Mullen Group. We will use the funds to prepay the private placement notes that mature in 2026 and to pursue new acquisitions that fit our strategic plans. Today’s announcement is especially gratifying given all of the economic uncertainty created by tariffs and trade issues, " commented Mr. Murray K. Mullen, Chair and Senior Executive Officer. 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 un...