Aecon Group Inc. completed a public offering of $172.5-million aggregate principal amount of 5.50 per cent convertible unsecured subordinated debentures due December 31, 2018, which included $22.5-million aggregate principal amount of debentures issued on the exercise in full of the over-allotment option granted to the underwriters.
The offering was completed through a syndicate of underwriters co-led by TD Securities Inc., and GMP Securities L.P., and included BMO Nesbitt Burns Inc., CIBC World Markets Inc., Raymond James Ltd., National Bank Financial Inc., Desjardins Securities Inc., Scotia Capital Inc., Paradigm Capital Inc., Canaccord Genuity Corp., and Dundee Securities Ltd., on a “bought deal” basis. The net proceeds are being used to refinance at maturity Aecon's seven per cent convertible unsecured subordinated debentures due Sep. 30, 2014, and, in the interim, for general corporate purposes.
Aecon was represented by Colin Sam, director, corporate legal and strategic projects; and Martina Doyle, corporate counsel; and by Blake, Cassels & Graydon LLP with a team of Eric Moncik, Norbert Knutel and Stefania Zilinskas (securities) and Paul Stepak and Josh Jones (tax). Shearman & Sterling LLP represented Aecon in the US with a team of Jason Lehner, Kevin Roggow, and Ethan Siller.
The underwriting syndicate was represented by Stikeman Elliott LLP with a team of Michael Burkett, Tim McCormick and Craig Broadhurst (securities); Lindsay Gwyer and Katy Pitch (tax).