WSP Announces a $437 Million Public Offering of Common Shares and a Concurrent $64 Million Private Placement From CDPQ and CPP Investments

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MONTREAL, June 01, 2020 (GLOBE NEWSWIRE) -- WSP Global Inc. (TSX:WSP) (“WSP” or the “Corporation”) is pleased to announce that it has entered into an agreement with CIBC Capital Markets, National Bank Financial Inc. and TD Securities Inc. acting as joint 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, 5,080,000 common shares (the “Shares”) at a price of $86.00 per Share (the “Offer Price”) for gross proceeds to the Corporation of approximately $437 million (the “Offering”).

In addition, WSP has entered into agreements under which the Corporation will complete a private placement of common shares at the Offer Price with Caisse de dépôt et placement du Québec (“CDPQ”), for aggregate gross proceeds to the Corporation of approximately $44 million, and with a subsidiary of Canada Pension Plan Investment Board (“CPP Investments”), for aggregate gross proceeds to the Corporation of approximately $20 million (collectively, the “Private Placement”).

WSP intends to use the net proceeds of the Offering and Private Placement for general corporate purposes as well as to fund potential future acquisition opportunities.  

“The successful completion of the Offering and Private Placement will further position WSP with a stronger balance sheet, affording us with maximum financial flexibility to continue to pursue our strategic ambitions by seizing upon various opportunities that will arise from the accelerated changes to our industry. We are also pleased with the continued support of our existing institutional investors,” commented Alexandre L’Heureux, President and Chief Executive Officer of WSP.

“This additional investment is a continuation of our partnership with WSP,” said Kim Thomassin, Executive Vice-President and Head of Québec Investments and Stewardship Investing at CDPQ. “In keeping with our long-term approach, we have built a strong relationship with WSP over the last decade and we look forward to supporting the company in the accomplishment of its strategic ambitions.”

“We are pleased to support WSP in its pursuit of new growth opportunities. This private placement builds on our nearly decade-long investment in the company, contributing to our strategy to be a cornerstone minority shareholder in public companies where we can meaningfully contribute to their growth,” said Deborah Orida, Senior Managing Director & Global Head of Active Equities, CPP Investments.