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SNC-Lavalin Group Inc
Symbol SNC
Shares Issued 175,554,252
Close 2020-08-14 C$ 24.68
Recent Sedar Documents

SNC-Lavalin Group arranges $300M debenture offering

2020-08-14 17:02 ET - News Release

Ms. Daniela Pizzuto reports

SNC-LAVALIN ANNOUNCES PRIVATE OFFERING OF $300 MILLION OF UNSECURED DEBENTURES

SNC-Lavalin Group Inc. has priced an offering of $300-million aggregate principal amount of 3.80 per cent Series 6 unsecured debentures due 2024. The Series 6 debentures are being offered through a syndicate of agents led by BMO Capital Markets, CIBC Capital Markets and National Bank Financial Markets, as joint bookrunners, and which also includes Bank of Nova Scotia, RBC Capital Markets, TD Securities, HSBC Securities, BNP Paribas and Desjardins Securities. The Series 6 debentures will be issued at par and closing is expected to occur on or about Aug. 18, 2020, subject to customary closing conditions. SNC-Lavalin intends to use the net proceeds of the offering to repay certain outstanding indebtedness under its revolving credit facility and to finance the repurchase of a portion of its outstanding Series 1 debentures through open market purchases, and the balance will be used for general corporate purposes.

The Series 6 debentures will bear interest at a fixed annual rate of 3.80 per cent, payable in equal semi-annual instalments over the four-year term, commencing on Feb. 19, 2021.

The Series 6 debentures will be direct unsecured obligations of SNC-Lavalin, will rank pari passu with all other unsecured and unsubordinated indebtedness of SNC-Lavalin (including all of its other existing debentures as well as indebtedness under its existing main credit agreement), and will be guaranteed by the same subsidiaries that guarantee SNC-Lavalin's obligations under its existing main credit agreement and its other outstanding debentures.

The Series 6 debentures have been assigned a provisional rating of BBB (low), with a negative trend by DBRS Ltd. and BB plus from Standard & Poor's (S&P), and they are being offered in Canada on a private placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation.

About SNC-Lavalin Group Inc.

Founded in 1911, SNC-Lavalin is a fully integrated professional services and project management company with offices around the world. SNC-Lavalin connects people, technology and data to help shape and deliver world-leading concepts and projects, while offering comprehensive innovative solutions across the asset life cycle. The company's expertise is wide ranging (consulting and advisory, intelligent networks and cybersecurity, design and engineering, procurement, project and construction management, operations and maintenance, decommissioning, and sustaining capital) and delivered to clients in four strategic sectors (EDPM (engineering, design and project management), infrastructure, nuclear and resources), supported by capital, people, drive and results.

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