Mullen Group Ltd. Announces Closing of Private Placement Notes Offering

Published: 2025-07-11 01:05:20 ET MTL.TO

Published on 07/11/2025 at 01:05

Mullen Group Ltd. announced that it has closed its previously announced private placement of approximately CAD 400.0 million aggregate principal amount senior secured notes due July 10, 2037. The Notes consist of an aggregate principal amount of USD 50.0 million with a yield of 6.91% per annum and CAD325.0 million with a yield of 6.04% per annum. The Notes are guaranteed by Mullen Group?s subsidiaries, MT Investments Inc. and MGL Holding Co.

Ltd. and secured by a first ranking charge over all present and after-acquired property of the Corporation and each Guarantor. The Notes, among other things, (i) rank pari passu with, and (ii) contain financial covenants consistent with Mullen group?s outstanding senior secured notes maturing July 2034 and its amended and restated bank credit facilities. Mullen Group intends to use the net proceeds from the Offering to prepay its existing private placement debt maturing in October 2026 and for general corporate purposes.

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 under the Securities Act, Canadian securities laws or the securities laws of any other jurisdiction, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. Person, absent registration or an applicable exemption from registration requirements.