Aecon Group Inc. will list $150-million principal amount of its 5.5-per-cent convertible unsecured subordinated debentures due Dec. 31, 2018, on the Toronto Stock Exchange at the open on Wednesday, Nov. 27, 2013, according to the TSX. As in a Nov. 20, 2013, short form prospectus, Aecon plans to sell $150-million of the debentures in $1,000 principal amounts. It has granted the underwriters an overallotment option to buy up to another $22.5-million of the debentures for 30 days from the closing of the offering.

The debentures will pay interest semi-annually, in arrears, on May 31 and Nov. 30 in each year, beginning on May 31, 2014. The first interest payment will be $27.8767 per $1,000 principal amount for the period from and including Nov. 27, 2013, to, but excluding, May 31, 2014, assuming a Nov. 27, 2013, closing date. The conversion price of the debentures is $20 per share, which represents 50 shares per $1,000 principal amount.

As in a Nov. 7, 2013, Aecon news release, the debentures will not be redeemable by the company before Dec. 31, 2016. On and after Dec. 31, 2016, and before to Dec. 31, 2017, Aecon can redeem any or all of the debentures for $1,000 plus accrued and unpaid interest, provided the volume-weighted average trading price of Aecon's shares on the TSX for the 20 consecutive trading days preceding the date on which the notice of redemption is given is not less than 125 per cent of the conversion price. On and after Dec. 31, 2017, and before the maturity date, Aecon can redeem any or all of the debentures for $1,000 plus accrued and unpaid interest. The company plans to use the money raised to refinance its 7-per-cent convertible debentures due Sept. 30, 2014, and for general corporate purposes.

The TSX reports the debentures will trade under the symbol ARE.DB.B and Cusip No. 00762V AE 9.