PREMIUM BRANDS HOLDINGS CORPORATION ANNOUNCES FILING OF FINAL SHORT FORM PROSPECTUS IN CONNECTION WITH $150 MILLION FINANCING OF CONVERTIBLE UNSECURED SUBORDINATED DEBENTURES

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VANCOUVER, BC, March 14, 2025 /CNW/ - 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 that, in connection with the previously announced "bought-deal" financing co-led by CIBC Capital Markets, National Bank Financial, BMO Capital Markets, and Scotiabank on behalf of a syndicate of underwriters (the "Underwriters"), it has filed a final short form prospectus dated March 14, 2025 (the "Final Prospectus") with the securities regulatory authorities in each of the provinces and territories of Canada and has obtained a receipt therefor.

The Final Prospectus qualifies the distribution of $150,000,000 aggregate principal amount of convertible unsecured debentures (the "Debentures") at a price of $1,000 per Debenture (the "Offering"). The Company has also granted the Underwriters an over-allotment option to purchase up to an additional $22,500,000 aggregate principal amount of Debentures, on the same terms, exercisable in whole or in part at any time for a period of up to 30 days following closing of the Offering, to cover over-allotments, if any. If the over-allotment option is exercised in full, the total gross proceeds to be raised under the Offering will be $172,500,000. The Debentures will be convertible at the holder's option at any time prior to the close of business on the earlier of March 31, 2030 and the business day immediately preceding the date specified by the Company for redemption of the Debentures into common shares of the Company ("Common Shares") at a conversion price of $126.15 per Common Share, being a conversion rate of 7.9271 Common Shares for each $1,000 principal amount of Debentures.

Closing of the Offering is expected to occur on or about March 19, 2025. The Offering is subject to normal regulatory approvals, including approval of the Toronto Stock Exchange.

Access to the Final Prospectus and any amendment thereto is provided in accordance with securities legislation relating to procedures for providing access to a prospectus and any amendment. The Final Prospectus is accessible on the System for Electronic Data Analysis and Retrieval + ("SEDAR+") at www.sedarplus.ca. An electronic or paper copy of the Final Prospectus and any amendment may be obtained, without charge, from CIBC Capital Markets, 161 Bay Street, 5^th Floor, Toronto, ON M5J 2S8 or by telephone at 416-956-6378 or by email at mailbox.canadianprospectus@cibc.com by providing the contact with an email address or address, as applicable. Prospective investors should read the Final Prospectus in its entirety before making an investment decision.

ABOUT PREMIUM BRANDS

Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations across Canada and the United States.

www.premiumbrandsholdings.com

The securities to be offered have not been and will not be registered under the United States Securities Act of 1933, as amended, or under any state securities laws, and may not be offered, sold, directly or indirectly, or delivered within the United States of America and its territories and possessions or to, or for the account or benefit of, United States persons except in certain transactions exempt from the registration requirements of such Act. This release does not constitute an offer to sell or a solicitation to buy such securities in the United States, Canada or in any other jurisdiction where such offer is unlawful.

Forward Looking Statements

This press release may contain forward looking statements with respect to the Company, including, without limitation, statements regarding its business operations, strategy and financial performance and condition, plans and objectives of or involving the Company. This forward looking information includes, but is not limited to, the Company's expectations regarding the Offering (including the anticipated timing of the Offering). While management believes that the expectations reflected in such forward looking statements are reasonable and represent the Company's internal expectations and belief as of March 14, 2025, there can be no assurance that such expectations will prove to be correct as such forward looking statements involve unknown risks and uncertainties beyond the Company's control which may cause its actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements.

Forward looking statements generally can be identified by the use of the words "may", "could", "should", "would", "will", "expect", "intent", "plan", "estimate", "project", "anticipate", "believe", or "continue", or the negative thereof or similar variations.

Some of the factors that could cause actual results to differ materially from the Company's expectations are referenced in the Risks and Uncertainties section in the Company's MD&A for the 13 and 39 Weeks ended September 28, 2024.

Assumptions used by the Company to develop forward looking statements contained or incorporated by reference in this press release are based on information currently available to it. Readers are cautioned that this information is not exhaustive.

SOURCE Premium Brands Holdings Corporation