Wajax Announces Exercise of $7 Million Over-Allotment Option in Connection With Recently Completed Bought Deal of Listed Senior Unsecured Debentures Due 2025

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

TORONTO, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Wajax Corporation (“Wajax” or the “Corporation”) (TSX: WJX) today announced that the underwriters have exercised their over-allotment option to purchase an additional $7 million principal amount of 6.00% listed senior unsecured debentures (the “Debentures”), in connection with the Corporation’s recently completed bought deal offering of $50 million principal amount of Debentures, which closed on December 4, 2019. In total, the Corporation has issued $57 million principal amount of Debentures pursuant to the offering.

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.

As previously announced, the Corporation intends to use the net proceeds of the offering for the repayment of outstanding indebtedness under existing credit facilities.

Further details concerning the offering are set out in the Corporation’s prospectus supplement dated November 27, 2019, available on SEDAR at www.sedar.com.

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 news 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.

The Corporation’s goal is to be Canada’s leading industrial products and services provider, distinguished through its three core capabilities: sales force excellence, the breadth and efficiency of repair and maintenance operations, and the ability to work closely with existing and new vendor partners to constantly expand its product offering to customers. The Corporation believes that achieving excellence in these three areas will position it to create value for its customers, employees, vendors and shareholders.