Mullen Group Ltd. Announces Pricing of Private Placement Notes Offering
OKOTOKS, Alberta, May 22, 2025 (GLOBE NEWSWIRE) — (TSX: MTL) Mullen Group Ltd. (“Mullen Group“, “We“, “Our” and/or the “Corporation“) today announced that it has priced an approximately CAD$400.0 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 charge over all present and after-acquired property of the Corporation and each Guarantor. The Notes will rank pari passu with Mullen Group’s outstanding senior secured notes maturing July 2034 and its amended and restated bank credit facilities (see the Corporation’s press release dated July 10, 2024).
The Notes will mature on July 10, 2037, and are comprised of aggregate principal amounts of US$50.0 million with a yield of 6.91% per annum and CAD$325.0 million with a yield of 6.04% 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, 2025.
The Notes Offering is expected to close on July 10, 2025, subject to the satisfaction of customary closing conditions. Mullen Group intends to use the net proceeds from the Notes Offering to prepay its existing private placement debt maturing in October 2026 and for general corporate purposes.
“Today, we finalized another successful note private placement offering with long-term investors providing our organization with additional liquidity to fund our future growth plans. I want to thank all of the investors for investing in the Mullen Group. We will use the funds to prepay the private placement notes that mature in 2026 and to pursue new acquisitions that fit our strategic plans. Today’s announcement is especially gratifying given all of the economic uncertainty created by tariffs and trade issues,” commented Mr. Murray K. Mullen, Chair and Senior Executive Officer.
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. Mullen Group is under no obligation, and has no intention to, register the Notes under the Securities Act, Canadian securities laws or the securities laws of any other jurisdiction in the future. The Notes have not been and will not be qualified for distribution to the public under applicable Canadian securities laws and, accordingly, any offer and sale of the securities in Canada will be made on a basis which is exempt from the prospectus and dealer registration requirements of such securities laws. The Notes have been offered in Canada on a private placement basis only to “accredited investors” and “permitted clients” under applicable Canadian Securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes. This press release also does not constitute an offer to sell or the solicitation of an offer to buy the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction, or an exemption is available from such registration or qualification.
About Mullen Group Ltd.
Mullen Group is a public company with a long history of acquiring companies in the transportation and logistics industries. Today, we have one of the largest portfolios of logistics companies in North America, providing a wide range of transportation, warehousing and distribution services through a network of independently operated businesses. Service offerings include less-than-truckload, truckload, warehousing, logistics, transload, oversized, third-party logistics and specialized hauling transportation. In addition, our businesses provide a diverse set of specialized services related to the energy, mining, forestry and construction industries in western Canada, including water management, fluid hauling and environmental reclamation. The corporate office provides the capital and financial expertise, legal support, technology and systems support, shared services and strategic planning to its independent businesses.
Mullen Group is listed on the Toronto Stock Exchange under the symbol “MTL“. Additional information is available on our website at www.mullen-group.com or on the Corporation’s issuer profile on SEDAR+ at www.sedarplus.ca.
Contact Information
Mr. Murray K. Mullen – Chair, Senior Executive Officer and President
Mr. Richard J. Maloney – Senior Operating Officer
Mr. Carson P. Urlacher – Senior Financial Officer
Ms. Joanna K. Scott – Senior Corporate Officer
121A – 31 Southridge Drive
Okotoks, Alberta, Canada T1S 2N3
Telephone: 403-995-5200
Fax: 403-995-5296
Disclaimer
Mullen Group may make statements in this news release that reflect its current beliefs and assumptions and are based on information currently available to it and contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. This news release may contain forward-looking statements that are subject to risk factors associated with the overall economy and the oil and natural gas business. These forward-looking statements relate to future events and Mullen Group’s future performance. All forward looking statements and information contained herein that are not clearly historical in nature constitute forward-looking statements, and the words “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “propose”, “predict”, “potential”, “continue”, “aim”, or the negative of these terms or other comparable terminology are generally intended to identify forward-looking statements. Such forward-looking statements represent Mullen Group’s internal projections, estimates, expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These forward-looking statements involve known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Mullen Group believes that the expectations reflected in these forward-looking statements are reasonable; however, undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. In particular, forward-looking statements include but are not limited to the following: the terms and timing of the Notes Offering and the use of proceeds of the Notes Offering. These forward-looking statements are based on certain assumptions and analyses made by Mullen Group in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These assumptions include but are not limited to the following: (i) that the Notes Offering will close as expected. For further information on any strategic, financial, operational and other outlook on Mullen Group’s business please refer to Mullen Group’s Management’s Discussion and Analysis available for viewing on Mullen Group’s issuer profile on SEDAR+ at www.sedarplus.ca. Additional information on risks that could affect the operations or financial results of Mullen Group may be found under the heading “Principal Risks and Uncertainties” starting on page 48 of the 2024 Annual Financial Review as well as in reports on file with applicable securities regulatory authorities and may be accessed through Mullen Group’s issuer profile on the SEDAR+ website at www.sedarplus.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained herein is made as of the date of this news release and Mullen Group disclaims any intent or obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable Canadian securities laws. Mullen Group relies on litigation protection for forward-looking statements.
