Premium Brands Holdings Corporation Announces Completion of $150 Million Public Offering of 5.40% Convertible Unsecured Subordinated Debentures

Vancouver, B.C., June 13, 2022. 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 5.40% 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 National Bank Financial Inc., Scotiabank, CIBC Capital Markets and BMO Capital Markets, and included RBC Dominion Securities Inc., TD Securities Inc., Cormark Securities Inc., Desjardins Securities Inc., iA Private Wealth Inc., Raymond James Ltd. and Stifel Nicolaus Canada Inc. (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 5.40% 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 to 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 fund future potential strategic acquisitions and capital projects, which may arise and for general corporate purposes.

The Offered Debentures will bear interest from the date of issue at 5.40% per annum, payable semi‐ annually in arrears on March 31 and September 30 of each year commencing March 31, 2023 and have a maturity date of September 30, 2029 (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 $160.25 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 6.2402 common shares for each $1,000 principal amount of Offered Debentures.

The Offered Debentures will be listed on the Toronto Stock Exchange under the symbol “PBH.DB.I”.

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.

Premium Brands Holdings Corporation
George Paleologou
President and CEO
(604) 656‐3100

Premium Brands Holdings Corporation
Will Kalutycz
CFO
(604) 656‐3100
www.premiumbrandsholdings.com

NT4