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TORONTO, Nov. 27, 2013 /CNW/ - Aecon Group Inc. ("Aecon" or the
"Company") (TSX: ARE) today announced that it has completed its
previously announced public offering of $150 million aggregate
principal amount of 5.50% convertible unsecured subordinated debentures
due December 31, 2018 (the "Debentures").
The offering of Debentures was completed on a bought deal basis through
a syndicate of underwriters led by TD Securities Inc. and GMP
Securities L.P. Aecon has also granted the underwriters an
over-allotment option to purchase up to an additional $22.5 million
aggregate principal amount of Debentures, exercisable in whole or in
part for a period of 30 days following closing of the offering, to
cover over-allotments, if any.
As previously announced, Aecon intends to use the net proceeds of the
offering to refinance at maturity Aecon's 7.0% convertible unsecured
subordinated debentures due September 30, 2014 and, in the interim, for
general corporate purposes.
The securities offered have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable
exemption from the registration requirements of such Act. This press
release shall not constitute an offer to sell or the solicitation of an
offer to buy the securities in any jurisdiction.
Aecon Group Inc. is a Canadian leader in construction and infrastructure
development providing integrated turnkey services to private and public
sector clients. Aecon is pleased to be consistently recognized as one
of the Best Employers in Canada.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release includes certain forward-looking statements with
respect to the Company and the offering of Debentures which are
necessarily based on a number of estimates and assumptions that, while
considered reasonable by the Company, are inherently subject to
significant risks, uncertainties, and contingencies. These
"forward-looking" statements are based on currently available
information but are subject to risks and uncertainties. In addition to
general global events outside Aecon's control, there are factors which
could cause actual results, performance or achievements to vary from
those expressed or inferred herein including risks associated with the
ability to satisfy regulatory and commercial closing conditions of the
offering, the uncertainty associated with accessing capital markets and
the risks related to Aecon's business. Risk factors are discussed in
greater detail in the section on "Risk Factors" in the Company's Annual
Information Form filed on March 27, 2013 and available at
www.sedar.com. Forward-looking statements may include, without
limitation, statements regarding the over-allotment option and expected
use of proceeds of the offering. Forward looking statements, may in
some cases be identified by words such as "will," "plans," "believes,"
"expects," "anticipates," "scheduled," "estimates," "projects,"
"intends," "should" or the negative of these terms, or similar
expressions. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they are
made and Aecon undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information,
future events or otherwise.
SOURCE: Aecon Group Inc.
For further information:
Senior Vice President,
Aecon Group Inc.