North American Construction greenshoe lifts 5.5% convertibles due 2028 to C$74.75 million

By Marisa Wong

Los Angeles, June 4 – The underwriters of North American Construction Group Ltd.’s recent offering of 5.5% convertible debentures due 2028 exercised their C$9.75 million over-allotment option in full, bringing the total issue size to C$74.75 million, according to a press release.

The company priced the original C$65 million of convertible debentures on May 10.

National Bank Financial Inc. led the syndicate of underwriters for the bought deal.

The notes are non-callable until June 30, 2024 and then subject to a 125% hurdle.

Proceeds will be used to repay outstanding debt and for general corporate purposes.

North American Construction Group is an Edmonton, Alta.-based heavy construction and mining company.

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