SNC-Lavalin Group closes $1.28B offering and private placement

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By Ted Liu

SNC-Lavalin Group Inc. (TSX: SNC) has closed its previously announced public offering of 17,105,000 subscription receipts, including 1,555,000 additional subscription receipt pursuant to full exercise of over-allotment option, at a price of $51.45 per subscription receipt for gross proceeds of $880,052,250.

The syndicate of underwriters is co-led by RBC Capital Markets, TD Securities and BMO Capital Markets, and including Scotia Capital Inc., National Bank Financial Inc., CIBC World Market Inc., HSBC Securities (Canada) Inc., BNP Paribas (Canada) Securities Inc., Merrill Lynch Canada Inc., Desjardins Securities Inc., Citigroup Global Markets Canada Inc., Raymond James Ltd. and Canaccord Genuity Corp.

Norton Rose Fulbright Canada LLP and Stikeman Elliott LLP acted as legal counsel to SNC-Lavalin and the underwriters respectively.

SNC-Lavalin has also completed its previously announced private placement of 7,775,000 subscription receipts with a wholly-owned subsidiary of Caisse de dépôt et placement du Québec, at the same price for gross proceeds of $400,023,750.

SNC-Lavalin intends to use the net proceeds of offering and private placement to finance the payment of a portion of the purchase price and related expenses of its previously announced proposed £2.1 billion acquisition of the entire issued and to be issued share capital of WS Atkins plc.

photo credit: SNC-Lavalin