Stantec announces a $250 million public offering of common shares

Not for distribution to u.s. news services or dissemination in the united states edmonton, alberta, nov. 20, 2023 (globe newswire) -- stantec inc. (the “corporation” or “stantec”) (tsx, nyse: stn), a global leader in sustainable design and engineering, has entered into an agreement with national bank financial inc. and cibc capital markets, acting as co-bookrunners, on behalf of a syndicate of underwriters (collectively, the “underwriters”), pursuant to which the corporation will issue from treasury, and the underwriters shall purchase on a “bought deal” basis, 2,703,000 common shares (the “shares”) at a price of $92.50 (the “offer price”) for gross proceeds to the corporation of approximately $250 million (the “offering”). 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.
STN Ratings Summary
STN Quant Ranking