CALGARY, Sept. 6 /PRNewswire-FirstCall/ -- (TSX - MTL.UN) Mullen Group Income Fund ("Mullen" or the "Fund") announced that its subsidiary MT Investments Inc. has drawn down all the proceeds from its previously announced debt financing with a group of institutional investors in the United States and Canada providing for the issuance by way of private placement of US $85 million of Series E Notes and Cdn. $20 million of Series F Notes. The Series E Notes and Series F Notes will mature in 10 years.
"The net proceeds from this offering of approximately $100 million will further enhance our strong working capital position and these funds are now available to fund corporate acquisitions, internal growth opportunities and other general purposes," stated Stephen H. Lockwood, President Co-Chief Executive Officer.
This press release may contain forward-looking statements that are subject to risk factors associated with the oil and gas business and the overall economy. The Fund believes that the expectations reflected in this press release are reasonable, but results may be affected by a variety of variables. The Fund relies on litigation protection for "forward-looking" statements.
Mullen is an open-ended income fund that owns a network of independently operated businesses. Today the Mullen Group is recognized as the largest provider of specialized transportation and related services to the oil and natural gas industry in western Canada and as one of the leading suppliers of trucking and logistics services in Canada - two sectors of the economy in which the Fund has strong business relationships and industry leadership. Administration of the Fund is delegated to Mullen Group Inc. which, in addition to managing the Fund, provides management and financial expertise, technology and systems support to its independent businesses.
Mullen is a publicly traded income trust listed on the Toronto Stock Exchange under the symbol "MTL.UN". Additional information is available on our website at http://www.mullen-group.com/.
