Wajax Announces Closing of Previously Announced $50 Million Offering of Listed Senior Unsecured Debentures Due 2025

Not for distribution to U.S. news wire services or dissemination in the United States.

MISSISSAUGA, Ontario, Dec. 04, 2019 (GLOBE NEWSWIRE) -- Wajax Corporation (“Wajax” or the “Corporation”) (TSX: WJX) today announced that it has closed its previously announced public offering of $50 million principal amount of listed senior unsecured debentures, at a price of $1,000 per debenture (the “Debentures”). A syndicate led by BMO Capital Markets, RBC Capital Markets, and Scotia Capital and including TD Securities, CIBC Capital Markets, National Bank Financial, Desjardins Securities and Raymond James acted as underwriters for the offering. The Debentures have an interest rate of 6.00% per annum, payable semi-annually on January 15^th and July 15^th commencing on July 15, 2020 and will mature on January 15, 2025. The Debentures will commence trading on the Toronto Stock Exchange under the symbol “WJX.DB”.

The Corporation intends to use the net proceeds of the offering for the repayment of outstanding indebtedness under existing credit facilities.

The Corporation has also granted the underwriters the option to purchase up to $7.5 million principal amount of additional Debentures at the same price, to cover over-allotments, if any, and for market stabilization purposes, exercisable in whole or in part anytime up to 30 days following closing of the offering.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Wajax Corporation

Founded in 1858, Wajax (TSX: WJX) is one of Canada’s longest-standing and most diversified industrial products and services providers. The Corporation operates an integrated distribution system providing sales, parts and services to a broad range of customers in diverse sectors of the Canadian economy, including: construction, forestry, mining, industrial and commercial, oil sands, transportation, metal processing, government and utilities, and oil and gas.