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TORONTO, July 14, 2020 /CNW/ - Park Lawn Corporation (TSX:PLC) ("PLC" or the "Company") is pleased to announce that it has completed its previously announced offering of listed senior unsecured debentures ("Debentures") with a syndicate of underwriters co-led by CIBC Capital Markets and National Bank Financial Inc. (the "Co-Lead Underwriters") and including BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Acumen Capital Finance Partners Limited, Cormark Securities Inc., Paradigm Capital Inc., Raymond James Ltd. and Stifel GMP (together with the Co-Lead Underwriters, the "Underwriters"), on a bought deal basis. A total of $75 million aggregate principal amount of Debentures were issued at a price of $1,000 per Debenture (the "Offering"). PLC has granted the Underwriters an option to purchase up to an additional $11.25 million aggregate principal amount of Debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following the closing of the Offering.

The Debentures bear interest at a rate of 5.75% per annum, payable semi-annually in arrears on June 30 and December 31 of each year, commencing on December 31, 2020, and will mature on December 31, 2025. The Debentures will commence trading today on the Toronto Stock Exchange under the symbol "PLC.DB."

The net proceeds from the Offering will be used to pay down the Company's existing credit facility to free up capacity (i) to fund potential future acquisition opportunities and (ii) for general corporate purposes.

The Debentures were offered pursuant to a short-form prospectus dated July 9, 2020 (the "Prospectus"), filed in each of the provinces of Canada, which describes the terms of the Offering. A copy of the short-form prospectus is available under the Company's profile on the SEDAR website at www.sedar.com.

The securities offered pursuant to the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the "1933 Act") and may not be offered, sold or delivered, directly or indirectly, in the United States, or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or to, or for the account or benefit of, U.S. persons.

About Park Lawn Corporation

PLC provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold on a pre-planned basis (pre-need) or at the time of a death (at-need). PLC and its subsidiaries own and operate businesses including cemeteries, crematoria, funeral homes, chapels, planning offices and a transfer service. PLC operates in five Canadian provinces and fifteen U.S. states.

Cautionary Statement Regarding Forward-Looking Information

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate", "pro-forma" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the proposed use of proceeds of the Offering and the Company's future growth strategy. The forward-looking statements in this news release are based on certain assumptions, and they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, risks associated with the current COVID-19 pandemic and other factors discussed under the heading "Risk Factors" in the Prospectus and in the Company's annual information form available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE Park Lawn Corporation

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