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, 2034. The Notes consist of an aggregate principal amount of USD 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. In conjunction with the closing of the Offering, the Corporation entered into amended and restated credit facilities with its lenders (Amended Bank Credit Facilities) and entered into a new USD 125.0 million credit agreement with The Toronto-Dominion Bank (TD Credit Facility?, and together with the Amended Bank Credit Facilities, the ?Bank Credit Facilities?).

The Bank Credit Facilities provide revolving demand credit and upsizes the borrowing capacity to the Corporation to an aggregate USD 525.0 million, including increasing its borrowing capacity with Canadian Imperial Bank of Commerce from USD 100.0 million to USD 125.0 million. All material terms in the Amended Bank Credit Facilities are substantially similar to the terms under the prior existing credit facilities and to each other. The Bank Credit Facilities rank pari passu with the Notes and are secured by the Security.