/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 States Securities
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