STN - Stantec Closes $288 Million Bought Deal Offering of Common Shares | Benzinga
EDMONTON, Alberta, Nov. 29, 2023 (GLOBE NEWSWIRE) -- TSX, NYSE:STN
Stantec Inc. (the "Corporation" or "Stantec"), a global leader in sustainable design and engineering, is pleased to announce that it has closed its previously announced bought deal public offering of common shares (the "Offering"). Pursuant to the Offering, Stantec issued 3,108,450 common shares (the "Shares") from treasury, including 405,450 Shares issued in connection with the exercise in full of the over-allotment option granted to the Underwriters (as defined below), at a price of $92.50 per Share, for total gross proceeds of $287,531,625. The Offering was completed through a syndicate of underwriters (collectively, the "Underwriters"), co-led by National Bank Financial Inc. and CIBC Capital Markets, acting as co-bookrunners.
Stantec intends to use the net proceeds of the Offering to repay balances outstanding on its revolving credit facility with the intention of creating additional capacity to fund future acquisition opportunities and growth initiatives, as well as for general corporate purposes.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not ...