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

Copyright 2023 Canada NewsWire

Premium Brands (TSX:PBH)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Premium Brands Charts.
Premium Brands (TSX:PBH)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Premium Brands Charts.