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Mullen Group Ltd, 5.75% Convertible Debenture New Issue

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Mullen Group Inc. has issued $75M of 5.75% of convertible unsecured subordinated debentures maturing Nov-30-2026. Interest is paid semi-annually on May 31 and Nov-30. The conversion price of $14 is a 40% premium to the current share price of $10.

The debentures are not redeemable prior to Nov-30-2023. After Nov-30-2023 and prior to Nov-30-2025, the debentures may be redeemed providing the common shares are priced at 125% of the redemption price. After Nov-30-2025 and up to the maturity date of Nov-30-2016 the debentures are redeemable at par.

Should there be a takeover offer for more than 50% of the common shares the debentures, the debenture holders can require Mullen Group to repurchase the convertible debentures at par.

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