VANCOUVER, BC, Dec. 21,
2023 /CNW/ - Premium Brands Holdings Corporation
("Premium Brands" or the "Company") (TSX: PBH) and FNC Holdings
Limited Partnership, representing a coalition of Mi'kmaq First
Nations (the "Mi'kmaq Coalition"), are pleased to announce the
successful completion of a transaction pursuant to which the
Mi'kmaq Coalition will hold an additional $100 million of subordinated indebtedness in
Clearwater Seafoods Incorporated ("Clearwater") and a similar
amount of existing subordinate debt will be repaid to Premium
Brands.
"This transaction represents a further step to achieving the
long-term goal of Premium Brands and the Mi'kmaq Coalition having
equal economic interests in Clearwater that was contemplated at the time
of closing the Clearwater
acquisition transaction in January
2021. We are very pleased to be working with
Membertou, Miawpukek,
Sipekne'katik, We'koqma'q, Potlotek, Pictou Landing and Paqtnkek in executing our
common vision for Clearwater,"
said George Paleologou, President
and CEO of Premium Brands. "Premium Brands intends to use the
proceeds from the transaction to reduce indebtedness under its
senior revolving credit facility," added Mr. Paleologou.
"Recapitalizing the debt structure for our Clearwater ownership enables the Mi'kmaq
Coalition to accelerate economic returns to our communities.
Together with our partners at Premium Brands, the Clearwater acquisition was a landmark deal for
our people in 2021. Today we're proud to say that the benefits will
reach our communities faster, providing further stability and
prosperity to seven Mi'kmaq communities in Nova Scotia and Newfoundland," said Chief Terry Paul, Chief and CEO of Membertou.
"Clearwater is a model for
economic reconciliation and is the largest Indigenous owned seafood
company in the world. We are pleased to see this additional
investment by the Mi'kmaq Coalition. It is a testament to their
confidence in the company and the long-term value that continues to
be created for their communities," said Ian
Smith, CEO of Clearwater.
About Premium
Brands
Premium Brands owns a broad range of leading specialty food
manufacturing and differentiated food distribution businesses with
operations across Canada,
the United States and Italy.
www.premiumbrandsholdings.com
About the Mi'kmaq
Coalition
The Mi'kmaq Coalition, led by Membertou and Miawpukek, also include
Sipekne'katik, We'koqma'q, Potlotek, Pictou Landing and Paqtnkek. The collective
investment of the Mi'kmaq Coalition in Clearwater represents the single largest
investment in the seafood industry by any Indigenous group in
Canada. While the Mi'kmaq
Coalition will continue to advance implementation of Treaty Rights
with the government of Canada,
commercial investments in the seafood sector are a strategic
investment to advance the prosperity of the Mi'kmaq Coalition, and
position them as equal participants in the commercial
economy. The impact of this transformational investment will
be felt across Mi'kmaq communities in Nova Scotia and Newfoundland and Labrador for generations to come.
SOURCE Premium Brands Holdings Corporation
