By Lisa Kerner
Charlotte, N.C., May 13 - Stantec, Inc. said it will issue C$70 million principal amount of 4.332% senior secured notes due May 10, 2016 and C$55 million principal amount of 4.757% senior secured notes due May 10, 2018.
CIBC World Markets Inc. is the bookrunner and private placement agent.
Proceeds will be used to refinance existing debt.
The notes are ranked equally with obligations under the Edmonton, Alta., infrastructure consulting services company's existing revolving credit facility.
"This financing is part of our long-term capital plan, which provides interest rate certainty and allows us to continue to execute our growth strategy," senior vice president and chief financial officer Dan Lefaivre said in a company news release.
"We are pleased that we are able to diversify our sources of capital, at favorable rates, with good partners who are willing to invest in our success."
| Issuer: | Stantec, Inc.
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| Issue: | Senior secured notes
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| Total amount: | C$125 million
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| Distribution: | Private placement
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| Five-year notes
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| Amount: | C$70 million
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| Coupon: | 4.332%
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| Maturity: | May 10, 2016
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| Seven-year notes
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| Amount: | C$55 million
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| Coupon: | 4.757%
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| Maturity: | May 10, 2018
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