Premium Brands Holdings Corporation Announces the Closing of the Over-Allotment Option Exercised in Connection with its Recently Completed $150 Million Public Offering of 5.50% Convertible Unsecured Subordinated Debentures

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VANCOUVER, BC, March 25, 2025 /CNW/ - Premium Brands Holdings Corporation ("Premium Brands" or the "Company") (TSX: PBH), a leading producer, marketer and distributor of branded specialty food products, is pleased to announce the successful closing of the issue and sale of an additional $22,500,000 aggregate principal amount of 5.50% convertible unsecured subordinated debentures (the "Debentures") pursuant to the exercise of the over-allotment option granted to the syndicate of underwriters which was co-led by CIBC Capital Markets, National Bank Financial Inc., BMO Capital Markets and Scotiabank, and included Desjardins Securities Inc., Raymond James Ltd., RBC Dominion Securities Inc., TD Securities Inc., Canaccord Genuity Corp., Cormark Securities Inc., Stifel Nicolaus Canada Inc. and Ventum Capital Markets.

Together with the Debentures issued on March 19, 2025, Premium Brands will have issued a total of $172,500,000 aggregate principal amount of the Debentures.

The Company intends to use the net proceeds from the issuance of the Debentures (including the Debentures issued on the closing of the over-allotment option) to temporarily reduce existing indebtedness under one of its revolving credit facilities (the "Credit Facility"), thereby increasing the amount available to be drawn under such Credit Facility, as required, to partially fund the payout of its 4.65% convertible unsecured debentures, due April 30, 2025 (including accrued but unpaid interest thereon).

About Premium Brands

Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations across Canada, the United States and Italy.

Forward-Looking Statements

This press release contains forward looking statements with respect to the Company, including, without limitation, the intended use of proceeds from the issuance of the Debentures. While management believes that the expectations reflected in such forward looking statements are reasonable and represent the Company's internal expectations and belief as of March 25, 2025, there can be no assurance that such expectations will prove to be correct as such forward looking statements involve unknown risks and uncertainties beyond the Company's control which may cause its actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements.

Forward looking statements generally can be identified by the use of forward looking words such as "may", "could", "should", "would", "will", "expect", "intend", "plan", "estimate", "project", "anticipate", "believe" or "continue", or the negative thereof or similar variations. These forward looking statements include statements with respect to the Company's intended use of the net proceeds of the Offering.

Some of the factors that could cause actual results to differ materially from the Company's expectations are referenced in the Company's final short form prospectus dated March 14, 2025 under Risk Factors and in the Risks and Uncertainties section in the Company's MD&A for the 13 and 52 Weeks ended December 28, 2024, each of which is filed electronically through SEDAR+ and is available online at www.sedarplus.ca.

Assumptions used by the Company to develop forward looking statements contained in this press release are based on information currently available to the Company and include those assumptions outlined in the Company's final short form prospectus dated March 14, 2025 under Forward-Looking Information and in the Company's MD&A for the 13 and 52 Weeks ended December 28, 2024 under Forward Looking Statements. Readers are cautioned that this information is not exhaustive.

Unless otherwise indicated, the forward looking statements in this document are made as of the date hereof and, except as required by applicable law, will not be publicly updated or revised. This cautionary statement expressly qualifies the forward looking statements in this press release.

SOURCE Premium Brands Holdings Corporation