July 20, 2024

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Mullen Group Ltd. Announces Closing of Private Placement Notes Offering and Updated Bank Credit Facilities

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OKOTOKS, Alberta, July 10, 2024 (GLOBE NEWSWIRE) — (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.

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2024-07-10 20:53:25

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