Latham & Watkins Advises on Turning Point Brands, Inc.’s US$300 Million Senior Secured Notes Offering

Turning Point Brands, Inc. (TPB or the Company) (NYSE: TPB), a manufacturer, marketer, and distributor of branded consumer products, has priced its previously announced private offering of US$300 million aggregate principal amount of its 7.625% senior secured notes due 2032 (the Notes). The Notes are to be sold at an issue price of 100.000% of the principal amount, will bear interest at a rate of 7.625% and will mature on March 15, 2032. The Notes will be TPB’s senior secured obligations and will be guaranteed on a senior secured basis by each of TPB’s wholly owned domestic restricted subsidiaries that currently guarantee TPB’s senior secured notes due 2026. The sale of the Notes to the initial purchasers is expected to settle on February 19, 2025, subject to customary closing conditions, and is expected to result in approximately US$294 million in net proceeds to the Company after deducting the initial purchasers’ discount and estimated offering expenses payable by the Company.

Latham & Watkins LLP represents the initial purchasers in the offering with a capital markets team led by New York partners Andrew Baker and Brittany Ruiz, with associates Giulia Franzoso and Sheen Moaleman. Advice was provided on finance matters by New York partner Paul Bonewitz, with associates Sharon Yin and Angela Lin; and on tax matters by Los Angeles partner Eric Cho, with associate Kathryn Harrington.