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Premium Brands to redeem 4.6% convertibles due 2023 on Dec. 16
By Rebecca Melvin
Concord, N.H., Nov. 12 – Premium Brands Holdings Corp. plans to issue a notice of redemption to holders of its outstanding 4.6% convertible unsecured subordinated debentures due Dec. 31, 2023, according to a press release.
The redemption price is equal to par plus accrued interest to the redemption date on Dec. 16.
There are C$113 million aggregate principal amount of the debentures outstanding.
Prior to the redemption, holders will have the right to convert their debentures into common shares of Premium Brands at a conversion price of C$107.25 per common share.
Holders will receive 9.3240 common shares for each C$1,000 principal amount of debentures plus cash in lieu of fractional share amounts for conversions. Notices of conversion must be submitted to TSX Trust Co. on or before Dec. 15.
Premium Brands is a Vancouver, B.C., producer and distributor of branded specialty food products.
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