Mr. Jess Nieukerk reports

STANTEC ANNOUNCES PRIVATE OFFERING OF $250 MILLION SENIOR UNSECURED NOTES

Stantec Inc. has priced a private placement offering of $250-million aggregate principal amount of 5.393 per cent senior unsecured notes due June 27, 2030. The offering is expected to close on or about June 27, 2023, subject to customary closing conditions. Stantec intends to use the net proceeds of the offering to repay existing indebtedness and for general corporate purposes.

The notes will be issued at par for aggregate gross proceeds of $250-million and will bear interest at a fixed rate of 5.393 per cent per annum, payable semi-annually on June 27 and Dec. 27 of each year, commencing on Dec. 27, 2023.

The notes will be direct senior unsecured obligations of Stantec, and will rank pari passu with all of Stantec's existing and future senior unsecured indebtedness and senior in right of payment to any future subordinated indebtedness of Stantec. The notes have been assigned a provisional rating of BBB, with a stable trend, by DBRS Ltd. (DBRS Morningstar), and are being offered in Canada on a private placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation.

About Stantec Inc.

Communities are fundamental. Whether around the corner or across the globe, they provide a foundation, and a sense of place and of belonging. That is why at Stantec, it always designs with community in mind.

It cares about the communities it serves because it is our communities too. This allows it to assess what is needed and connect its expertise to appreciate nuances and envision what it has never considered, to bring together diverse perspectives so it can collaborate toward a shared success.

It is a designer, engineer, scientist and project manager, innovating together at the intersection of community, creativity and client relationships. Balancing these priorities results in projects that advance the quality of life in communities across the globe.

Stantec trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol STN.