Parkland Announces Pricing of Senior Unsecured Notes
March 16, 2018
CALGARY, Alberta, March 16, 2018 (GLOBE NEWSWIRE) -- Parkland Fuel Corporation (“Parkland”) (TSX:PKI), North America's fastest growing independent marketers of fuel and petroleum products, announced today the pricing of its previously announced private offering (the “offering”) of US$500 million aggregate principal amount of senior unsecured notes due 2026 (the “notes”). The notes will bear interest at a rate of 6.0% per annum and were priced at par. Parkland intends to use the net proceeds from the offering to repay certain outstanding amounts borrowed under its credit facility. The closing of the offering is subject to customary closing conditions and is expected to occur on March 23, 2018.
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 of these notes, except as required by law, 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.
Certain information included herein is forward-looking within the meaning of applicable securities laws. 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 proposed offering, the aggregate principal amount and terms of the notes and the use of proceeds of the offering. 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 concerning future events and are subject to a number of uncertainties 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 some of which are described in Parkland’s annual information form and other continuous disclosure documents. 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 settlement of the terms of the notes, the ability to conduct the offering, the use of proceeds of the offering in the expected manner 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 in the manner described in this press release or at all. If Parkland is unable to complete offering, there could be a material adverse impact on Parkland and on the value of its securities. Readers are directed to, and are encouraged to read, Parkland’s annual information form for the year ended December 31, 2017 (the “AIF”) and Parkland’s management discussion and analysis for the year ended December 31, 2017 (the “MD&A”), including the disclosure contained under the heading “Risk Factors” in each document. Each of the AIF and the MD&A is available by accessing Parkland’s profile on SEDAR at www.sedar.com and such information is incorporated by reference herein.
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 FUEL CORPORATION
Parkland Fuel Corporation ("Parkland") is Canada's largest and one of North America's fastest growing independent suppliers and marketers of fuel and petroleum products and a leading convenience store operator. Parkland services customers through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating the Parkland Burnaby Refinery, and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings, including its On the Run/Marché Express banners, 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.
Parkland is listed on the Toronto Stock Exchange and trades under the symbol PKI. We operate through four operating segments: Retail Fuels, Commercial Fuels, Supply (formerly "Supply and Wholesale"), and Parkland USA.
FOR FURTHER INFORMATION
Vice President,Treasury and Investor Relations
Director, Corporate Communications