OKOTOX, Alberta, Oct. 21, 2025 (GLOBE NEWSWIRE) — (TSX: MTL) Mullen Group Ltd. (“Mullen Group” and/or “Corporation“) announced today its intention to repay in full on December 1, 2025 (“Maturity date“) all of its outstanding 5.75% convertible unsecured subordinated notes due November 30, 2026 (“Bonds“) in accordance with the provisions of the agreement dated June 21, 2019 (“Agreement“) between the Corporation and Computershare Canada Trust Company (“trustee“).
Redemption price (“Redemption price“) for the Notes will be 100.0 percent of the aggregate principal amount outstanding of $125.0 million, together with but excluding accrued and unpaid interest to the Redemption Date. Subject to the Indenture, Mullen Group intends to satisfy its obligation to pay the Redemption Price in cash. Interest on the entire aggregate principal amount of the Notes will cease to be payable as of the Redemption Date. repayment and after it.
Conversion of the notes into shares of Mullen Group common stock is permitted until 5:00 p.m. Pacific Time on November 21, 2025. During the 5 business days preceding the scheduled Redemption Date of December 1, 2025, the Trustee is not obligated to transfer or exchange any notes. The Corporation encourages individual bondholders (“Bondholders“) review redemption instructions from your financial institution to ensure that a conversion request, if necessary, is made prior to the deadline set by the Noteholder's financial institution. This may be several days before the Redemption Date and is not under the control of the Corporation. Noteholders wishing to redeem their Notes in cash are not required to take any action.
The notes are listed on the TSX under the symbol “MTL.DB.”
About Mullen Group LLC
Mullen Group is a public company with a long history of acquiring companies in the transport and logistics sector. Today, we have one of the largest portfolios of logistics companies in North America, providing a broad range of transportation, warehousing and distribution services through a network of independently operated facilities. Service offerings include LTL loading, customs brokerage, truck loading, warehousing, logistics, transloading, oversized third party logistics and specialized freight transportation. In addition, our businesses provide a diverse range of specialized services related to the energy, mining, forestry and construction industries in Western Canada, including water management, fluid transportation and environmental remediation. The Corporate Office provides its independent businesses with capital and financial expertise, legal support, technology and systems support, general services and strategic planning.
The Mullen Group is listed on the Toronto Stock Exchange under the symbol “MTL“Additional information can be found on our website at www.mullen-group.com or on the Corporation’s issuer profile on SEDAR+ at www.sedarplus.ca.
Contact information
Mr. Murray K. Mullen – Chairman, Senior Executive Officer and President
Mr. Richard J. Maloney – Senior Director of Operations
Mr. Carson P. Urlacher – Senior Chief Financial Officer
Ms. Joanna K. Scott – Senior Corporate Director
121A – 31 Southridge Drive
Okotoks, Alberta, Canada T1S 2N3
Phone: 403-995-5200
Fax: 403-995-5296
Forward-Looking Statements
Certain statements included in this press release constitute “forward-looking statements” within the meaning of Canadian securities laws, including statements regarding the redemption of debt obligations. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Corporation cautions that its assumptions may not materialize and that current economic conditions make such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements can be identified by the use of terms such as “believes,” “expects,” “expects,” “anticipates,” “outlook,” “plans,” “goals” or other similar words.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause the actual results or performance of the Corporation to be materially different from those projected or any future results or performance implied by such statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Important risk factors that may affect forward-looking statements include, but are not limited to, the impact of general economic and business conditions; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory changes; compliance with environmental laws and regulations; regulatory actions; increased maintenance and operating costs; security threats; dependence on technology and associated cybersecurity risks; trade restrictions or other changes in international trade agreements; transportation of hazardous materials; various events that may disrupt operations, including natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; the uncertainty of investigations, proceedings or other types of claims and litigation; timing and completion of capital programs; and other risks detailed from time to time in reports filed by Mullen Group with securities regulatory authorities in Canada. For a description of the principal risk factors, please refer to Mullen Group's Discussion and Analysis Form and Annual Management Information Form, dated February 12, 2025, which can be found in the Corporation's issuer profile on SEDAR+ (www.sedarplus.ca) and on the Mullen Group website. (www.mullen-group.com).
Forward-looking statements reflect information as of the date on which they are made. Mullen Group undertakes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances or changes in belief unless required by applicable securities laws. In the event that Mullen Group updates any forward-looking statement, there should be no inference that Mullen Group will make additional updates with respect to that statement, related matters or any other forward-looking statement.
