Latest news with #Issuance
The Sun
06-05-2025
- Business
- The Sun
Malakoff issues inaugural RM250m Asean green sukuk
KUALA LUMPUR: Malakoff Corporation Bhd, through its wholly owned subsidiary Malakoff Power Bhd (MPower) has issued its inaugural RM250 million Asean Sustainability SRI Sukuk Murabahah (Issuance) under its RM1.2 billion Islamic Medium-Term Notes Programme (IMTN). This is Malakoff's first sustainability offering under its Asean Sustainability SRI Sukuk Murabahah and the first by an independent power producer in Malaysia. The proceeds from the issuance shall be utilised to finance eligible projects by MPower, Malakoff and its subsidiaries, in accordance with Malakoff's Sustainable Finance Framework, which has been in place since December 2023. Maybank Investment Bank Bhd (Maybank IB) acted as the sole lead manager and facility agent while Maybank Islamic Bhd was the shariah adviser for the Issuance. Maybank IB was also the sustainability structuring adviser for Malakoff's Sustainable Finance Framework. As part of its broader commitment to sustainability and energy transition, Malakoff in a statement yesterday said it has made significant strides over the past year in advancing its sustainability commitment. The group achieved a 3.7% year on-year reduction in greenhouse gas emissions intensity moderately contributed as well by a 17.0% reduction in Scope 2 emissions with respect to the Group's electricity consumption. It also launched its flagship Biomass Co-firing Project at the 2,100 MW Tanjung Bin Power Plant for a trial run under the National Energy Transformation Roadmap. The project achieved a 2% biomass co-firing ratio. Malakoff is committed to scale up the biomass co-firing to a higher ratio of 15% by 2027. This milestone is projected to reduce carbon dioxide (CO₂) emissions by approximately 755,000 tonnes annually, which is equivalent to the carbon offset of 142 million mature trees. In parallel, the group commenced construction of three run-of-river small hydropower plants along Sungai Galas in Kelantan, expected to offset a further 272,424 tonnes of CO₂ per year. The group also continued expanding its renewable energy (RE) portfolio, achieving 173 MW in total RE capacity – a 496.6% increase from its 2021 baseline. This includes 17.4 MWp of completed commercial and industrial solar installations and the acquisition of equity stakes in ZEC Solar Sdn Bhd (51%) and TJZ Suria Sdn Bhd (49%), contributing an additional 29 MW. Malakoff managing director and group CEO Anwar Syahrin Abdul Ajib (pic) said: 'This transaction marks a significant milestone for Malakoff Power, as it represents our first Asean Sustainability SRI Sukuk Murabahah issuance via a book-building exercise under our IMTN Programme. 'Given that MPower's last public sukuk issuance was in December 2013, we are very encouraged by the strong demand from a diverse investor base for this issuance, which has set a new pricing benchmark for MPower. 'Looking ahead, Malakoff will continue to broaden its assets portfolio through strategic partnerships and circular economy initiatives. 'As a trusted partner in Malaysia's green transition, we remain focused on strengthening capabilities, enhancing efficiencies and delivering long-term value in an evolving energy landscape'. On the back of growing demand for sustainability assets and the scarcity value of Sukuk offerings by MPower, the transaction was oversubscribed by 10.34 times. Supported by the strong orderbook, the price guidance was revised and tightened multiple times. The issuance was finally priced at MGS +70 basis points across both tenures of 7 and 10 years, which is 30 basis points lower than the upper end of the initial price guidance. Maybank Investment Bank Bhd CEO Michael Oh-Lau said: 'Maybank Investment Bank is proud to have lead-managed and advised Malakoff Power's maiden Asean Sustainability SRI Sukuk Murabahah issuance, underscoring our commitment to be a sustainability leader in the region. 'The strong response from investors is testament of the market's confidence in Malakoff as well as Maybank IB's ability to secure strong participation despite market seasonality. 'The pricing outcome also positions this landmark transaction as one of the lowest spreads for a corporate within the AA-/AA3 rating band in recent times.'
Associated Press
19-03-2025
- Business
- Associated Press
Premium Brands Holdings Corporation Announces Completion of $150 Million Public Offering of 5.50% Convertible Unsecured Subordinated Debentures
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./ VANCOUVER, BC, March 19, 2025 /CNW/ - Premium Brands Holdings Corporation ('Premium Brands' or the 'Company') (TSX: PBH), a leading producer, marketer and distributor of branded specialty food products, is pleased to announce the successful closing of the issue and sale of $150,000,000 aggregate principal amount of 5.50% convertible unsecured subordinated debentures (the 'Offered Debentures') at a price (the 'Debenture Issuance Price') of $1,000 per Offered Debenture, for aggregate gross proceeds to the Company of $150,000,000 (the 'Offering'). The Offered Debentures were offered to the public through a syndicate of underwriters which was co-led by CIBC Capital Markets, National Bank Financial Inc., BMO Capital Markets and Scotiabank, and included Desjardins Securities Inc., Raymond James Ltd., RBC Dominion Securities Inc., TD Securities Inc., Canaccord Genuity Corp., Cormark Securities Inc., Stifel Nicolaus Canada Inc. and Ventum Capital Markets (collectively, the 'Underwriters'). The Company has also granted to the Underwriters an over-allotment option to purchase up to an additional $22,500,000 aggregate principal amount of 5.50% convertible unsecured subordinated debentures each at the Debenture Issuance Price per debenture, exercisable in whole or in part at any time for a period of up to 30 days following closing of the Offering. The Company intends to use the net proceeds of the Offering (including the net proceeds of the Over-Allotment Option, if any) to temporarily reduce existing indebtedness under one of its revolving credit facilities (the 'Credit Facility'), thereby increasing the amount available to be drawn under such Credit Facility, as required, to partially fund the payout of its 4.65% convertible unsecured debentures, due April 30, 2025 (including accrued but unpaid interest thereon). The Offered Debentures will bear interest from the date of issue at 5.50% per annum, payable semi‐annually in arrears on March 31 and September 30 of each year commencing September 30, 2025 and have a maturity date of March 31, 2030 (the 'Maturity Date'). The Offered Debentures are convertible at the holder's option at any time prior to the close of business on the earlier of the Maturity Date and the business day immediately preceding the date specified by the Company for redemption of the Offered Debentures into common shares at a conversion price of $126.15 per common share (the 'Conversion Price'), subject to adjustments as provided in the indenture governing the Offered Debentures. The Conversion Price equates to a conversion rate of 7.9271 common shares for each $1,000 principal amount of Offered Debentures. The Offered Debentures are listed on the Toronto Stock Exchange under the symbol ' 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. Forward-Looking Statements This press release contains forward looking statements with respect to the Company, including, without limitation, its intended use of the offering proceeds. While management believes that the expectations reflected in such forward looking statements are reasonable and represent the Company's internal expectations and belief as of March 19, 2025, there can be no assurance that such expectations will prove to be correct as such forward looking statements involve unknown risks and uncertainties beyond the Company's control which may cause its actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements. Forward looking statements generally can be identified by the use of forward looking words such as 'may', 'could', 'should', 'would', 'will', 'expect', 'intend', 'plan', 'estimate', 'project', 'anticipate', 'believe' or 'continue', or the negative thereof or similar variations. These forward looking statements include statements with respect to the Company's intended use of the net proceeds of the Offering. Some of the factors that could cause actual results to differ materially from the Company's expectations are referenced in the Company's final short form prospectus dated March 14, 2025 under Risk Factors and in the Risks and Uncertainties section in the Company's MD&A for the 13 and 39 Weeks ended September 28, 2024, each of which is filed electronically through SEDAR+ and is available online at Assumptions used by the Company to develop forward looking statements contained in this press release are based on information currently available to the Company and include those assumptions outlined in the Company's final short form prospectus dated March 14, 2025 under Forward-Looking Information and in the Company's MD&A for the 13 and 39 Weeks ended September 28, 2024 under Forward Looking Statements. Readers are cautioned that this information is not exhaustive. Unless otherwise indicated, the forward looking statements in this document are made as of the date hereof and, except as required by applicable law, will not be publicly updated or revised. This cautionary statement expressly qualifies the forward looking statements in this press release.
Yahoo
05-02-2025
- Business
- Yahoo
Volcon, Inc. Announces Pricing of $12.0 Million Underwritten Public Offering
AUSTIN, TX / / February 5, 2025 / Volcon, Inc. (NASDAQ:VLCN) (the "Company"), the first all-electric, off-road powersports company, today announced the pricing of a firm commitment underwritten public offering with gross proceeds to the Company expected to be approximately $12.0 million, before deducting underwriting fees and other offering expenses payable by the Company. The offering consists of 6,000,000 Common Units (or Pre-Funded Units), each consisting of (i) one (1) share of Common Stock or Pre-Funded Warrant and (ii) one (1) Registered Common Warrant to purchase one (1) share of Common Stock per warrant at an exercise price of $2.00. The public offering price per Common Unit is $2.00 (or $1.99999 for each Pre-Funded Unit, which is equal to the public offering price per Common Unit to be sold in the offering minus an exercise price of $0.00001 per Pre-Funded Warrant). The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until exercised in full. For each Pre-Funded Unit sold in the offering, the number of Common Units in the offering will be decreased on a one-for-one initial exercise price of each Common Warrant is $2.00 per share of Common Stock. The Common Warrants are exercisable immediately and expire 60 months after the initial issuance date. Aggregate gross proceeds to the Company are expected to be $12.0 million. The transaction is expected to close on or about February 6, 2025, subject to the satisfaction of customary closing conditions. The Company expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital. As previously disclosed, the Company announced the sale of 1,831,558 shares of Common Stock pursuant to its At-The-Market Issuance Sales Agreement with Aegis for gross proceeds of approximately $9.47 million. Assuming closing of the Offering and exercise of any Pre-Funded Warrants, the Company would have approximately 8,475,607 shares of Common Stock outstanding at completion of the Offering. Aegis Capital Corp. is acting as the sole book-running manager for the offering. ArentFox Schiff LLP is acting as counsel to the Company. Kaufman & Canoles, P.C. is acting as counsel to Aegis Capital Corp. The securities are being offered pursuant to an effective shelf registration statement on Form S-3 (No. 333-269644) previously filed with the U.S. Securities and Exchange Commission (SEC) and declared effective by the SEC on March 21, 2023. The offering will be made only by means of a prospectus, consisting of a prospectus supplement and an accompanying prospectus. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC's website located at Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at syndicate@ or by telephone at +1 (212) 813-1010. Interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Volcon, Inc. Based in the Austin, Texas area, Volcon was founded as the first all-electric power sports company producing high-quality and sustainable electric vehicles for the outdoor community. Volcon electric vehicles are the future of off-roading, not only because of their environmental benefits but also because of their near-silent operation, which allows for a more immersive outdoor vehicle roadmap includes both motorcycles and UTVs. Its first product, the innovative Grunt, began shipping to customers in late 2021 and combines a fat-tired physique with high-torque electric power and a near-silent drive train. The Volcon Grunt EVO, an evolution of the original Grunt with a belt drive, an improved suspension, and seat, began shipping to customers in October 2023. The Brat is Volcon's first foray into the wildly popular eBike market for both on-road and off-road riding and is currently being delivered to dealers across North America. In 2024, Volcon entered the rapidly expanding LUV and UTV market and shipped its first production MN1 unit in October 2024. The new MN1 and HF1 products empower the driver to explore the outdoors in a new and unique way that gas-powered units cannot. They offer the same thrilling performance of a standard LUV / UTV without the noise (or pollution), allowing the driver to explore the outdoors with all their senses. Forward-Looking Statements Some of the statements in this release are forward-looking statements, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the whether the Company will be successful in completing the proposed offering. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website, Volcon Contacts: For Media: media@ Dealers: dealers@ Investors: investors@ Marketing: marketing@ For more information on Volcon or to learn more about its complete motorcycle and side-by-side line-up, visit: SOURCE: Volcon Inc. View the original press release on ACCESS Newswire Sign in to access your portfolio
