News Americas, CALGARY, Alberta, April 13, 2021: Parkland Corporation (“Parkland”) (TSX:PKI) announced today the closing of its previously announced private offering (the “offering”) of US$800 million aggregate principal amount of 4.500% senior unsecured notes due 2029 (the “notes”).
Parkland will use the net proceeds of the offering to redeem all of its 6.000% senior notes due 2026 in the aggregate principal amount of US$500 million, to redeem the remaining C$200 million of its 5.625% senior notes due 2025 in the aggregate principal amount of C$500 million not already called for redemption and repay certain amounts outstanding under its revolving bank credit facility.
The notes were 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 offered and sold outside the United States to a non-U.S. person 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. This news release is neither an offer to purchase nor a solicitation of an offer to sell any of the 6.000% senior notes due 2026 or the 5.625% senior notes due 2025 and this press release shall not constitute a notice of redemption in respect therefor.
Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward -looking statements”). When used in this news release the words “may”, “will”, “would” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to the use of proceeds from the offering, the redemption of the 6.000% senior notes and the 5.625% senior notes and the repayment of certain amounts outstanding under Parkland’s revolving bank credit facility.
No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. See the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021 and in “Forward-Looking Information” and “Risk Factors” in the management’s discussion and analysis for the year ended December 31, 2020, dated March 4, 2021, which are filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
About Parkland Corporation
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings 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.
