CALGARY, AB, Nov. 8, 2021 /PRNewswire/ - Parkland Corporation
("Parkland", "we", the "Company", or "our") (TSX: PKI) announced
today that it has priced its previously announced private offering
of senior unsecured notes, and increased the aggregate principal
amount of notes to be offered thereunder from US$500 million to US$800
million (the "Offering"). The notes will bear interest at
4.625% per annum and have a maturity date of May 1, 2030. Closing of the Offering is expected
to occur on or about November 23, 2021.
Parkland intends to use the net proceeds of the Offering to
redeem all of the outstanding $300
million aggregate principal amount of its 6.5% Senior Notes
(the "6.5% Senior Notes") with a final maturity date of
January 21, 2027 and to repay the
drawings under its revolving bank credit facility, with the
remainder to be used for general corporate purposes, including
acquisitions and capital spending. Amounts repaid under the
revolving bank credit facility may be redrawn for general corporate
purposes, including acquisitions and capital spending. The
redemption date for the 6.5% Senior Notes will be December 8, 2021 and the redemption is
conditional on the closing of the Offering.
The notes will be offered and sold only to persons reasonably
believed to be qualified institutional buyers pursuant to Rule 144A
under the U.S. Securities Act of 1933, as amended (the "Securities
Act") and may be offered and sold outside the United States pursuant to Regulation S
under the Securities Act. The notes have not been registered under
the Securities Act or any state securities laws, and unless so
registered, may not be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws. This news release shall not constitute an
offer to sell or the solicitation of an offer to buy any
securities, nor shall there be any offer or sale of the notes in
any state, or jurisdiction in which such offer, solicitation, or
sale would be unlawful.
Forward-Looking Statements
Certain information included herein is forward-looking. Many of
these forward looking statements can be identified by words such as
"believe", "expects", "expected", "will", "intends", "projects",
"projected", "anticipates", "estimates", "continues", "objective"
or similar words and include, but are not limited to, statements
regarding the use of proceeds of the Offering, the timing and
successful completion of the Offering and statements regarding the
redemption of the 6.5% Senior Notes. Parkland believes the
expectations reflected in such forward-looking statements are
reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements should
not be unduly relied upon.
The forward-looking statements contained herein are based upon
certain assumptions and factors including, without limitation:
historical trends, current and future economic and financial
conditions, and expected future developments. Parkland believes
such assumptions and factors are reasonably accurate at the time of
preparing this press release. However, forward-looking statements
are not guarantees of future performance and involve a number of
risks and uncertainties. Such forward-looking statements
necessarily involve known and unknown risks and uncertainties and
other factors, which may cause Parkland's actual performance and
financial results in future periods to differ materially from any
projections of future performance or results expressed or implied
by such forward looking statements. Such factors include, but are
not limited to, risks associated with: closing of the Offering and
effecting the redemption of the 6.5% Senior Notes since it is
conditional on closing of the Offering; failure to obtain any
necessary consents and approvals required to complete the Offering;
failure to complete the Offering and redemption; and general
economic, market and business conditions; and other factors, many
of which are beyond the control of Parkland. There is a
specific risk that Parkland may be unable to complete the Offering
and the redemption in the manner described in this press release or
at all. If Parkland is unable to complete the Offering and/or
redemption, there could be a material adverse impact on Parkland
and on the value of its securities. See also the risks and
uncertainties described in "Forward-Looking Information" and "Risk
Factors" included in Parkland's Annual Information Form dated
March 5, 2021, and "Forward-Looking
Information" and "Risk Factors" included in the Q3 2021 MD&A
dated November 2, 2021 and the Q4 2020 MD&A dated
March 4, 2021, each filed on SEDAR
and available on the Parkland website at www.parkland.ca.
Any forward-looking statements are made as of the date hereof
and Parkland does not undertake any obligation, except as required
under applicable law, to publicly update or revise such statements
to reflect new information, subsequent or otherwise. The
forward-looking statements contained in this press release are
expressly qualified by this cautionary statement.
About Parkland Corporation
Parkland is a leading convenience store operator and independent
supplier and marketer of fuel and petroleum products. Parkland
services customers across Canada,
the United States, the
Caribbean region and the Americas
through three channels: Retail, Commercial and Wholesale. Parkland
optimizes its fuel supply across these three channels by operating
and leveraging a growing portfolio of supply relationships and
storage infrastructure. Parkland provides trusted and locally
relevant fuel brands and convenience store offerings in the
communities it serves.
Parkland creates value for shareholders by focusing on its
proven strategy of growing organically, realizing a supply
advantage and acquiring prudently and integrating successfully. At
the core of our strategy are our people, as well as our values of
safety, integrity, community and respect, which are embraced across
our organization.
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SOURCE Parkland Corporation