07:29 AM EDT, 07/11/2024 (MT Newswires) -- Mullen Group ( MLLGF ) said overnight Wednesday that it closed an offering of $400 million aggregate principal amount senior secured notes due July 10, 2034.

The notes consist of an aggregate principal amount of US$75.0 million with a yield of 6.50% per annum, and $300 million with a yield of 5.93% per annum.

The logistics company plans to use the proceeds to repay its existing private placement debt maturing in October 2024, as well as for general corporate purposes.

In conjunction with the closing of the offering, the company entered into amended and restated credit facilities with its lenders and signed a new $125.0 million credit agreement with The Toronto-Dominion Bank (TD.TO).

Mullen said the facilities upsize its borrowing capacity to an aggregate $525.0 million, including increasing its borrowing capacity with Canadian Imperial Bank of Commerce (CM.TO) from $100 million to $125 million.

Mullen's share price closed 0.1% higher yesterday at $13.01 on the TSX.