North American Construction prices private placement offering of senior notes

North American Construction (NOA) has entered into an underwriting agreement to sell, pursuant to a private placement offering, $225M aggregate principal amount of 7.75% Senior Unsecured Notes due May 1, 2030. The Notes will be issued at a price of $1,000 per $1,000 of Notes. The Notes will accrue interest at the rate of 7.75% per annum, payable in cash in equal payments semi-annually in arrears each November 1 and May 1, commencing on November 1, 2025. The Notes will be issued pursuant to an indenture to be entered into between NACG and Computershare Trust Company of Canada, as trustee. NACG intends to use the net proceeds of the Offering to repay indebtedness under its existing Credit Agreement, and for general corporate purposes. The Offering is being led by National Bank Financial, including its U.S. affiliates, ATB Securities, Scotia Capital, TD Securities, BMO Nesbitt Burns, CIBC World Markets, Canaccord Genuity, Raymond James, and Ventum Financial. Subject to customary closing conditions, the closing of the Offering is expected to occur on or about May 1, 2025.