Earnings
August 2, 2020 - T
New! Telus Corporation - Q2-2020 Earnings, Price Target Update .....
July 31, 2020 - REI.UN
RioCan REIT- Q2-2020 Earnings & Price Target Update .....
July 30, 2020 - ENB
Enbridge Inc. Q2-2020 Earnings & Price Target Update .....
July 29, 2020 - FN
First National Financial Corporation - Q2-2020 Earnings, Price Target Updat .....
July 26, 2020 - SJR.B
Shaw Communications Inc. Q3-2020 Earnings. Price Target Update .....
July 24, 2020 - SU
Suncor Energy Inc. Q2-2020 Earnings, Price Target Update .....
July 23, 2020 - RCI.B
Rogers Communications Inc. Q2-2020 Earnings & Price Target Update .....
July 22, 2020 - CNR
Canadian National Railway Co. Q2-2020 Earnings, Price Target Update .....
Recommendation Changes
SU, NWC, CPX, H, QBR.B, more...

Premium Brands Holdings Corp. 4.2% Convertible Debenture New Issue

This is only a sample of the article, please login to view the entire article

Premium Brands Holdings Corp.(PBH) has issued $150M of 4.2% of unsecured convertible debentures. maturing Sept-30-2027. They may elect from time to time to pay the interest in common shares of Premium Brands Holdings Corp. The Debentures will be convertible at the holder's option into shares at a conversion price of $142.40 an approximately 65% premium to the current price of $86.50. If a holder elects to convert in connection with a Change of Control prior to maturity, the holder will be entitled to receive additional shares as a make-whole premium on conversion in certain circumstances. The debentures are not redeemable before Sept-30-2023 (First Call Date). Between Sept-30-2023 and Sept-30-2025 they are redeemable at the Issuer's option providing the share price is not less than 125% of the Conversion Price. After Sept-30-2025 up to maturity they are redeemable at the Issuer's option at par.

Premium Brands common shares are currently priced to yield 2.7% compared to the 4.2% for the convertible debenture. Premium Brands common shares have been at high at $120.51 in Apr-2018. The conversion price of $142.40 is 18% above this. The conversion price is above the average of 40% for conversion premiums, however risk of default is low and there is potential for achieving the conversion price. The convertible debenture new issue is recommended at up to $108.

You must be a member to view the entire article, please subscribe or login


Login
Username
Password
New Issues & Acquisition
July 31, 2020
New! Coverage Universe - Weekly Price Change: July 24-31, 2020
July 24, 2020
Coverage Universe - Weekly Price Change: July 17-24, 2020
July 17, 2020
Coverage Universe - Weekly Price Change: July 10-17, 2020
July 10, 2020
Coverage Universe - Weekly Price Change: July 3-10, 2020
July 7, 2020
Cineplex Inc(CGX) - 5.75% Convertible Debenture New Issue
July 4, 2020
Coverage Universe - Weekly Price Change: June 26 - July 3, 2020
June 29, 2020
Premium Brands Holdings Corp. 4.2% Convertible Debenture New Issue
June 29, 2020
StorageVault Canada Inc. 5.75 Unsecured Debenture New Issue