Stantec Inc. announced the successful closing of its previously announced private placement offering of $425 million aggregate principal amount of senior unsecured notes. The notes are due on June 10, 2032, and bear an interest rate of 4.374% per annum, priced at par. This offering strengthens the company's financial position.
The net proceeds from the offering will be utilized to repay existing indebtedness and for general corporate purposes. The notes are direct senior unsecured obligations of Stantec, ranking equally with all existing and future senior unsecured indebtedness. They are also senior in right of payment to any future subordinated indebtedness.
DBRS Limited (Morningstar DBRS) has assigned a rating of BBB with a stable trend to the notes. The successful closing of this offering provides Stantec with enhanced liquidity and capital resources to support its strategic growth objectives.
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