WSP Global completes private placement of C$1B senior unsecured notes
On September 12, 2024, WSP Global Inc. ("WSP") completed its previously announced private placement of C$525 million aggregate principal amount of 4.12% senior unsecured notes due September 12, 2029 and $475 million aggregate principal amount of 4.754% senior unsecured notes due September 12, 2034.
WSP intends to use the net proceeds from the offering (i) to fund in part the purchase price payable in respect of its previously announced acquisition (the “Acquisition”) of Power Engineers, Incorporated, and accordingly reduce amounts to be advanced at the closing of the Acquisition under the term loan commitments made available to WSP pursuant to a debt commitment letter dated August 12, 2024 by and among WSP and Canadian Imperial Bank of Commerce, as sole arranger and sole bookrunner, and for other general corporate purposes, or (ii) in the event that the Acquisition does not close for any reason, for the repayment of existing indebtedness of WSP and for other general corporate purposes.
The notes were offered through a syndicate of agents led by CIBC Capital Markets, National Bank Financial Markets and RBC Capital Markets, as joint bookrunners and co-lead private placement agents, that also included BMO Nesbitt Burns Inc., BNP Paribas (Canada) Securities Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., J.P. Morgan Securities Canada Inc., Citigroup Global Markets Canada Inc. and Laurentian Bank Securities Inc., as co-managers.
McCarthy Tétrault advised the syndicate of agents with a team led by Patrick Boucher that included Fraser Bourne, Richard O’Doherty, Laurence Cromp-Lapierre, Samuil Stoychev, and Sheema Rezaei (Business).
