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SNC-Lavalin Group Inc
Symbol SNC
Shares Issued 175,554,252
Close 2020-08-14 C$ 24.68
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ORIGINAL: SNC-Lavalin announces private offering of $300 million of unsecured debentures

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

SNC-Lavalin announces private offering of $300 million of unsecured debentures

Canada NewsWire

/NOTE THAT THIS PRESS RELEASE IS NOT FOR RELEASE OVER US NEWSWIRE SERVICES OR DISSEMINATION IN THE US./

MONTREAL, Aug. 14, 2020 /CNW Telbec/ - SNC-Lavalin Group Inc. (TSX: SNC) announced today that it has priced an offering of $300 million aggregate principal amount of 3.80% series 6 unsecured debentures due 2024 (the "Series 6 Debentures"). 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 Scotiabank, 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 August 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, to fund 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%, payable in equal semi-annual instalments over the four-year term, commencing on February 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 Limited (DBRS) and BB+ 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.

The Series 6 Debentures have not been and will not be qualified for sale to the public under applicable securities laws in Canada and, accordingly, any offer and sale of the Series 6 Debentures in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws. The Series 6 Debentures have not been and will not be registered under the United StatesSecurities Act of 1933, as amended (the U.S. Securities Act), or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration under, or an applicable exemption from the registration requirements of, the U.S. Securities Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer to sell or a solicitation of an offer to buy the Series 6 Debentures in any jurisdiction where it is unlawful to do so.

About SNC-Lavalin

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 lifecycle. Our expertise is wide-ranging — consulting & advisory, intelligent networks & cybersecurity, design & engineering, procurement, project & construction management, operations & 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. Results.www.snclavalin.com

Forward-looking Statements

Reference in this press release, and hereafter, to the "Company" or to "SNC-Lavalin" means, as the context may require, SNC-Lavalin Group Inc. and all or some of its subsidiaries or joint arrangements, or SNC-Lavalin Group Inc. or one or more of its subsidiaries or joint arrangements.

Statements made in this press release that describe the Company's or management's budgets, estimates, expectations, forecasts, objectives, predictions, projections of the future or strategies may be "forward-looking statements", which can be identified by the use of the conditional or forward-looking terminology such as "aims", "anticipates", "assumes", "believes", "cost savings", "estimates", "expects", "goal", "intends", "may", "plans", "projects", "should", "synergies", "target", "vision", "will", or the negative thereof or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. Forward-looking statements also include statements relating to the following: i) future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses and future prospects; ii) business and management strategies and the expansion and growth of the Company's operations; and iii) the expected impacts of the ongoing COVID-19 pandemic on the business and its operating and reportable segments as well as elements of uncertainty related thereto. Specific forward-looking statements in this news release, include, but are not limited to, statements with respect to the offering of Series 6 Debentures and the intended timing and use of proceeds thereof, and with respect to the credit ratings assigned to the Series 6 Debentures.

All such forward-looking statements are made pursuant to the "safe-harbour" provisions of applicable Canadian securities laws. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions and/or results could differ materially from those expressed or implied in such forward-looking statements, or could affect the extent to which a particular projection materializes. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Company's current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Company's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.

The forward-looking statements contained in this news release are expressly qualified in their entirety by the foregoing cautionary statements. The forward-looking statements herein reflect the Company's expectations as at the date of this press release and are subject to change after this date. The Company does not undertake to update publicly or to revise any such forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable legislation or regulation.

SOURCE SNC-Lavalin

View original content: http://www.newswire.ca/en/releases/archive/August2020/14/c9650.html

Contact:

Media: Daniela Pizzuto, Director, External Communications, 514-393-8000 ext. 54772, media@snclavalin.com; Investors: Denis Jasmin, Vice President, Investor Relations, 514-393-8000 ext. 57553, denis.jasmin@snclavalin.com

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