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Dec. 2, 2021, 7:31 a.m. EST

Shawcor Prices C$150 Million Unsecured Note Offering

TORONTO, Dec 02, 2021 (GLOBE NEWSWIRE via COMTEX) -- TORONTO, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Shawcor Ltd. ("Shawcor" or the "Company") /zigman2/quotes/209643057/delayed CA:SCL -0.86% today announced that it has entered into an underwriting agreement to sell, pursuant to a private placement offering (the "Offering"), C$150 million aggregate principal amount of 9.00% senior unsecured notes due 2026 (the "Notes"). The Notes will be issued at a price of C$1,000 per C$1,000 principal amount of Notes.

Shawcor will use the net proceeds of the Offering to repay amounts outstanding under its existing syndicated credit facility (the "Existing Facility"). Concurrent with issuance of the Notes, Shawcor will amend the Existing Facility to reduce the availability under the Existing Facility from US$500 million to US$300 million and, in the near future, expects to extend its term. The Company will provide further information in due course.

"We remain focused on strengthening our balance sheet to provide the financial flexibility required to effectively manage our business," said Mike Reeves, Shawcor's President and CEO. "This Offering coupled with the anticipated extension of our Existing Facility will enable greater flexibility and support for our strategic initiatives and future growth."

The Notes are being offered through a syndicate of underwriters led by National Bank Financial and TD Securities.

The Notes will be offered for sale in Canada to accredited investors on a private placement basis, in accordance with Canadian securities laws. The Notes have not been registered under the U.S. Securities Act, or any state securities laws, and are being offered and sold in the United States to qualified institutional buyers only, pursuant to Rule 144A of the U.S. Securities Act. The Notes may be sold outside of the United States in accordance with Rule 903 of Regulation S under the U.S. Securities Act. Subject to customary closing conditions, the Offering is expected to close in mid-December 2021.

About Shawcor

Shawcor Ltd. is a growth-oriented, global material sciences company serving the Infrastructure, Energy, and Transportation markets. The Company operates through a network of fixed and mobile manufacturing and service facilities. Its three business segments, Composite Systems, Automotive & Industrial and Pipeline & Pipe Services enable responsible renewal and enhancement of critical infrastructure while lowering risk and environmental impact.

For further information, please contact:

Meghan MacEachern
External Communications & ESG, Director
Telephone: 437.341.1848
Email: meghan.maceachern@shawcor.com

Forward Looking Information

This news release contains forward-looking information within the meaning of applicable securities laws. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "predict", "estimate" or similar terminology are used to identify forward-looking information. This forward-looking information is based on assumptions, estimates and analysis made in the light of the Company's experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by the Company to be reasonable and relevant in the circumstances. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those predicted, expressed or implied by the forward-looking information. The forward-looking information is provided as of the date of this news release and the Company does not assume any obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law.

Source: Shawcor Ltd.


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CA : Canada: Toronto
$ 5.75
-0.05 -0.86%
Volume: 217,489
Aug. 8, 2022 2:49p
P/E Ratio
Dividend Yield
Market Cap
$408.91 million
Rev. per Employee

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