Mullen Group Ltd. Pronounces Closing of Non-public Placement Notes Providing and Up to date Financial institution Credit score Amenities

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OKOTOKS, Alberta, July 10, 2024 (GLOBE NEWSWIRE) — (TSX: MTL) Mullen Group Ltd. (“Mullen Group”, “We”, “Our” and/or the “Company”) declares that it has closed its beforehand introduced personal placement (the “Providing”) of roughly CAD$400.0 million combination principal quantity senior secured notes due July 10, 2034 (the “Notes”).

The Notes include an combination principal quantity of US$75.0 million with a yield of 6.50% each year and CAD$300.0 million with a yield of 5.93% each year. The Notes are assured by Mullen Group’s subsidiaries, MT Investments Inc. and MGL Holding Co. Ltd. (every, a “Guarantor”) and secured by a primary rating cost over all current and after-acquired property of the Company and every Guarantor (the “Safety”). Mullen Group intends to make use of the web proceeds from the Providing to repay its current personal placement debt maturing in October 2024 and for common company functions.

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The Notes have been supplied solely in a non-public placement to institutional accredited buyers in reliance on Part 4(a)(2) beneath the Securities Act of 1933, as amended (the “Securities Act”). The Notes haven’t been registered beneath the Securities Act, Canadian securities legal guidelines or the securities legal guidelines of some other jurisdiction, and might not be supplied or bought inside the USA, or to or for the account or good thing about any U.S. Individual, absent registration or an relevant exemption from registration necessities. Mullen Group is beneath no obligation, and has no intention to, register the Notes beneath the Securities Act, Canadian securities legal guidelines or the securities legal guidelines of some other jurisdiction sooner or later. The Notes haven’t been and won’t be certified for distribution to the general public beneath relevant Canadian securities legal guidelines and, accordingly, any provide and sale of the securities in Canada can be made on a foundation which is exempt from the prospectus and vendor registration necessities of such securities legal guidelines. The Notes have been supplied in Canada on a non-public placement foundation solely to “accredited buyers”.

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This press launch doesn’t represent a proposal to promote or the solicitation of a proposal to purchase the Notes. This press launch additionally doesn’t represent a proposal to promote or the solicitation of a proposal to purchase the Notes in any jurisdiction wherein such provide, solicitation or sale can be illegal previous to registration or qualification beneath the securities legal guidelines of that jurisdiction, or an exemption is out there from such registration or qualification.

Financial institution Credit score Amenities

At the side of the closing of the Providing, the Company entered into amended and restated credit score services with its lenders (“Amended Financial institution Credit score Amenities”) and entered into a brand new $125.0 million credit score settlement with The Toronto-Dominion Financial institution (the “TD Credit score Facility”, and along with the Amended Financial institution Credit score Amenities, the “Financial institution Credit score Amenities”). The Financial institution Credit score Amenities present revolving demand credit score and upsizes the borrowing capability to the Company to an combination $525.0 million, together with growing its borrowing capability with Canadian Imperial Financial institution of Commerce from $100.0 million to $125.0 million. All materials phrases within the Amended Financial institution Credit score Amenities are considerably much like the phrases beneath the prior current credit score services and to one another (see press launch dated January 8, 2024). The Financial institution Credit score Amenities rank pari passu with the Notes and are secured by the Safety.

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About Mullen Group Ltd.

Mullen Group is one among Canada’s largest logistics suppliers. Our community of independently operated companies present a variety of service choices together with less-than-truckload, truckload, warehousing, logistics, transload, outsized, third-party logistics and specialised hauling transportation. As well as, we offer a various set of specialised companies associated to the vitality, mining, forestry and building industries in western Canada, together with water administration, fluid hauling and environmental reclamation. The company workplace offers the capital and monetary experience, authorized assist, expertise and techniques assist, shared companies and strategic planning to its unbiased companies.

Mullen Group is a publicly traded company listed on the Toronto Inventory Alternate beneath the image “MTL”. Further data is out there on our web site at www.mullen-group.com or on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca.

Contact Info

Mr. Murray Okay. Mullen – Chair, Senior Govt Officer and President
Mr. Richard J. Maloney – Senior Working Officer
Mr. Carson P. Urlacher – Senior Monetary Officer
Ms. Joanna Okay. Scott – Senior Company Officer

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121A – 31 Southridge Drive
Okotoks, Alberta, Canada T1S 2N3
Phone: 403-995-5200
Fax: 403-995-5296

Disclaimer

Mullen Group might make statements on this information launch that replicate its present beliefs and assumptions and are primarily based on data presently obtainable to it and accommodates forward-looking statements and forward-looking data (collectively, “forward-looking statements”) inside the that means of relevant securities legal guidelines. This information launch might include forward-looking statements which might be topic to threat elements related to the general financial system and the oil and pure fuel enterprise. These forward-looking statements relate to future occasions and Mullen Group’s future efficiency. All ahead wanting statements and data contained herein that aren’t clearly historic in nature represent forward-looking statements, and the phrases “might”, “will”, “ought to”, “may”, “count on”, “plan”, “intend”, “anticipate”, “imagine”, “estimate”, “suggest”, “predict”, “potential”, “proceed”, “intention”, or the damaging of those phrases or different comparable terminology are usually meant to determine forward-looking statements. Such forward-looking statements symbolize Mullen Group’s inner projections, estimates, expectations, beliefs, plans, goals, assumptions, intentions or statements about future occasions or efficiency. These forward-looking statements contain recognized or unknown dangers, uncertainties and different elements that will trigger precise outcomes or occasions to vary materially from these anticipated in such forward-looking statements. Mullen Group believes that the expectations mirrored in these forward-looking statements are affordable; nevertheless, undue reliance shouldn’t be positioned on these forward-looking statements, as there might be no assurance that the plans, intentions or expectations upon which they’re primarily based will happen. Specifically, forward-looking statements embrace however usually are not restricted to the next: the phrases and timing of the Notes Providing and using proceeds of the Notes Providing. These forward-looking statements are primarily based on sure assumptions and analyses made by Mullen Group in mild of our expertise and our notion of historic developments, present situations, anticipated future developments and different elements we imagine are acceptable beneath the circumstances. These assumptions embrace however usually are not restricted to the next: (i) that the Notes Providing will shut as anticipated. For additional data on any strategic, monetary, operational and different outlook on Mullen Group’s enterprise please consult with Mullen Group’s Administration’s Dialogue and Evaluation obtainable for viewing on Mullen Group’s issuer profile on SEDAR+ at www.sedarplus.ca. Further data on dangers that might have an effect on the operations or monetary outcomes of Mullen Group could also be discovered beneath the heading “Principal Dangers and Uncertainties” beginning on web page 50 of the 2023 Annual Monetary Evaluate in addition to in studies on file with relevant securities regulatory authorities and could also be accessed by way of Mullen Group’s issuer profile on the SEDAR+ web site at www.sedarplus.ca. The forward-looking statements contained on this information launch are expressly certified by this cautionary assertion. The forward-looking statements contained herein is made as of the date of this information launch and Mullen Group disclaims any intent or obligation to replace publicly any such forward-looking statements, whether or not because of new data, future occasions or outcomes or in any other case, aside from as required by relevant Canadian securities legal guidelines. Mullen Group depends on litigation safety for forward-looking statements.

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