North American Construction Group Ltd. (TSX: NOA / NYSE: NOA) announced today that it has successfully closed a private placement offering of an additional $125 million aggregate principal amount of its 7.75% Senior Unsecured Notes due May 1 2030. The closing brings the company’s total outstanding principal in this series to $350 million, comprising the $225 million initial issuance on May 1 2025 and the new $125 million tranche.
The notes were underwritten by National Bank Capital Markets, ATB Securities Inc., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Canaccord Genuity Corp., and Raymond James Ltd. They were offered on a private placement basis in Canada and to qualified institutional buyers in the United States under Rule 144A, with no registration under the U.S. Securities Act. The new notes are fungible with the initial issuance and carry the same terms, except for issuance date, price, and interest accrual start date.
The proceeds from the offering will be used to repay indebtedness under the company’s existing Credit Agreement and for general corporate purposes. By adding this debt, NOA expands its capital structure, strengthens its balance sheet, and provides additional flexibility to support ongoing operations and future growth initiatives.
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