SOURCE: Parkland Fuel Corporation

Parkland Fuel Corporation

November 21, 2014 09:05 ET

Parkland Fuel Corporation Closes Offering of C$200 Million Senior Notes

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION ON TO UNITED STATES NEWS WIRE SERVICES

RED DEER, ALBERTA--(Marketwired - November 21, 2014) - Parkland Fuel Corporation ("Parkland" or the "Corporation") (TSX: PKI), North America's fastest growing distributor and marketer of fuels and lubricants, announced today the closing of its previously announced private placement of senior unsecured notes due 2022 (the "Notes") with an aggregate principal amount of $200 million (the "Offering"). The Notes bear interest at the rate of 6.0% per annum, payable semi-annually in arrears.

On September 17, 2014, Parkland announced that it entered into a definitive agreement to acquire the assets of Pioneer Energy (the "Acquisition"). The net proceeds of the Notes are expected to be used by Parkland to fund a portion of the Acquisition's purchase price. In the unlikely event that the Acquisition is not completed, the net proceeds of the Notes are expected to be used by Parkland to repay amounts drawn on its credit facilities and for general corporate purposes including, without limitation, to fund its working capital requirements and potential future acquisitions.

The Offering was underwritten by RBC Capital Markets and Scotiabank as joint bookrunners, and Canaccord Genuity, CIBC World Markets and National Bank Financial as co-managers.

The Notes have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act"), or any state securities laws, and were offered in the United States only to qualified institutional buyers in reliance of Rule 144A under the U.S. Securities Act and applicable state securities laws and outside the United States in offshore transactions in reliance of Regulation S under the U.S. Securities Act.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Parkland Fuel Corporation
Parkland Fuel Corporation is North America's fastest growing independent marketer of fuel and petroleum products. We deliver gasoline, diesel, propane, lubricants, heating oil and other high quality petroleum products to motorists, businesses, households and wholesale customers in Canada and the United States. Our mission is to be the partner of choice for our customers and suppliers, and we do this by building lasting relationships through outstanding service, reliability, safety and professionalism.

We are unique in our ability to provide customers with dependable access to fuel and petroleum products, utilizing a portfolio of supply relationships, storage infrastructure and third party rail and highway carriers to rapidly respond to supply disruptions in order to protect our customers.

To sign up for Parkland new alerts please go to http://bit.ly/PKI-Alert or visit www.parkland.ca.

Forward-Looking Information
Certain information included herein is forward-looking. Forward-looking statements include, without limitation, statements regarding the size and terms of the Offering and the use of proceeds of the Offering.

Many of these statements can be identified by looking for words such as "believe", "expects", "expected", "will", "intends", "projects", "projected", "anticipates", "estimates", "continues", and similar expressions and statements that are not related to historical facts constitute forward-looking information or statements under securities laws. Parkland believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties some of which are described in Parkland's annual information form and other continuous disclosure documents. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Parkland's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements.

Any forward-looking statements are made as of the date hereof and Parkland does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise.

Contact Information

  • For investor and media inquiries please contact
    Tom McMillan
    Director of Corporate Communications and Investor Relations
    403-567-2533
    http://bit.ly/PKI-Investor