07:15 AM EDT, 05/23/2025 (MT Newswires) -- Mullen Group ( MLLGF ) , one of Canada's largest logistics providers, overnight Thursday said it priced a private placement of approximately C$400 million senior secured notes.

The notes, which mature on July 10, 2037, will include aggregate principal amounts of US$50 million with a yield of 6.91% per annum and C$325 million with a yield of 6.04% per annum. Interest on the notes will accrue from the date of issue and will be payable twice a year in arrears on June 7 and December 7, starting on December 7.

The company expects the notes offering to close on July 10, with the net proceeds slated to prepay its existing private placement debt maturing in October 2026 and for general corporate purposes.

The company said that the notes, which will be guaranteed by its subsidiaries, MT Investments and MGL Holding, will be secured by a first ranking charge over all present and after-acquired property of the Mullen Group ( MLLGF ) and each guarantor. The company added that the notes will rank "pari passu" with its outstanding senior secured notes maturing July 2034 and its amended and restated bank credit facilities.

"Today, we finalized another successful note private placement offering with long-term investors providing our organization with additional liquidity to fund our future growth plans," said Mullen Group Chair and Senior Executive Officer Murray K. Mullen. "We will use the funds to prepay the private placement notes that mature in 2026 and to pursue new acquisitions that fit our strategic plans. Today's announcement is especially gratifying given all of the economic uncertainty created by tariffs and trade issues."