WSP Announces Private Offering of $1 Billion Aggregate Principal Amount of Senior Unsecured Notes

MONTREAL, Sept. 10, 2024 (GLOBE NEWSWIRE) -- WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”) announced today that it has priced an offering (the “Offering”) of $525 million aggregate principal amount of 4.12% senior unsecured notes due September 12, 2029 (the “2029 Notes”) and $475 million aggregate principal amount of 4.754% senior unsecured notes due September 12, 2034 (the “2034 Notes”, and together with the 2029 Notes, the “Notes”).

The Notes are being offered through an agency syndicate consisting of CIBC Capital Markets, National Bank Financial Markets and RBC Capital Markets, as joint bookrunners and co-lead private placement agents, and including 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. The Offering is expected to close on or about September 12, 2024, subject to customary closing conditions.

The Notes will be issued for aggregate gross proceeds of $1 billion. The 2029 Notes will bear interest at a fixed rate of 4.12% per annum, and the 2034 Notes will bear interest at a fixed rate of 4.754% per annum, in each case payable semi annually until maturity on the 12th day of March and September of each year beginning on March 12, 2025.

The Corporation 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 (“POWER”), and accordingly reduce amounts to be advanced at the closing of the Acquisition under the term loan commitments made available to the Corporation pursuant to a debt commitment letter dated August 12, 2024 by and among the Corporation 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 the Corporation and for other general corporate purposes. The Acquisition is expected to be completed in the early fourth quarter of 2024, subject to customary closing conditions including receipt of regulatory approval in the U.S.