|Date Announced:||March 29, 2016|
|Date Closed:||May 06, 2016|
On May 6, 2016, Stantec Inc. (NYSE, TSX: STN), announced that it had completed its previously announced acquisition of Broomfield, Colorado-based MWH Global, Inc. ("MWH") (a global engineering, consulting and construction management firm with special expertise in water and natural resources projects built for infrastructure and the environment) (the "Acquisition"). Stantec acquired all of the issued and outstanding capital stock of MWH for a purchase price of approximately US$793 million.
In connection with the closing of the Acquisition, Stantec completed the financing of $1.25 billion syndicated senior secured credit facilities, comprised of an $800 million senior secured revolving credit facility, and a $450 million senior secured term credit facility (the "Credit Facilities"). The Acquisition and the refinancing of Stantec's existing debt was funded by net proceeds of approximately $786 million drawn under the Credit Facilities, and the net proceeds of approximately $580 million from Stantec's previously announced offering of 19,964,000 subscription receipts, inclusive of 2,604,000 subscription receipts issued pursuant to the exercise in full of the underwriters' over-allotment option.
In respect of the Credit Facilities, Stantec was advised by Bennett Jones LLP (as lead Canadian counsel) with a team led by Mark Rasile, that included Kristopher Hanc, Denise Bright, David Rotchtin, Michelle Seto and Daniel Cipollone (Financial Services/Corporate Finance), Peter Inglis, Jason Banack and Nicholas Chan (Corporate/Commercial), Thomas Bauer (Tax), Carl Cunningham (Employment), Susan Seller (Pensions) and Sarah Gilbert (Environmental). Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as US counsel to Stantec in respect of the Credit Facilities.