Our Montreal office advised SNC-Lavalin Group Inc. in a concurrent private placement of C$300m principal amount of 3.80% series 6 senior unsecured debentures due August 19, 2024 and the repurchase of C$40m of 2.689% series 1 debentures due November 24, 2020.
The transaction closed on August 18, 2020. Proceeds of the issuance were used to repay certain outstanding indebtedness under a revolving facility, to fund the repurchase of C$40m of SNC-Lavalin’s series 1 debentures through one or more open market purchases and for general corporate purposes. The series 6 debentures are direct unsecured obligations of SNC-Lavalin and rank pari passu with all other unsecured and unsubordinated indebtedness of SNC-Lavalin.
The series 6 debentures were offered in Canada on a private placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation. BMO Nesbitt Burns Inc., CIBC World Markets Inc. and National Bank Financial Inc. acted as joint book-runners and co-lead agents and the other agents were Scotia Capital Inc., RBC Dominion Securities Inc., TD Securities Inc., BNP Paribas (Canada) Securities Inc., Desjardins Securities Inc., and HSBC Securities (Canada) Inc.
The team included Elliot Shapiro, Rachel Lesmerises, Alexandra Persaud and William Provencher-Campeau.