Mullen Group Ltd. announced that it has priced an approximately CAD 400 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 chargeover all present and after-acquired property of the Corporation and each Guarantor.

The Notes will mature on July 10, 2034, and are comprised of aggregate principal amounts of USD 75 million with a yield of 6.50% per annum and CAD 300 million with a yield of 5.93% 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, 2024. The Notes Offering is expected to close on July 10, 2024, subject to the satisfaction of customary closing conditions.

Mullen Group intends to use the net proceeds from the Notes Offering to repay its existing private placement debt maturing in October 2024 and for general corporate purposes.