North American Construction Group Ltd. Announces Financial Close of Major Infrastructure Project
October 14 2021 - 7:30AM
North American Construction Group Ltd. (“NACG” or “the Company”)
(TSX:NOA.TO/NYSE:NOA) today along with its partners Acciona and
Shikun & Binui announced the financial close of the Red River
flood mitigation project in the United States.
The financial close follows the contract award
which was previously announced by the Company on June 21, 2021. The
Metro Flood Diversion Authority (MFDA) of the Fargo-Moorhead area
selected the consortium of NACG, Acciona, and Shikun & Binui in
an international tender for this Public-Private Partnership
contract to design, build, finance, operate and maintain the flood
diversion channel for a period of 29 years following completion of
the construction milestone.
The consortium has established a Green Financing
Framework pursuant to which the revolving loans, bonds and senior
secured notes issued as part of the financial close have been
designated as “green” to allow investors to invest in investments
which support climate change adaptation and resilience projects.
Moody’s has assigned a preliminary investment grade rating of
“Baa3” (Stable) to the bonds. Agentis Capital served as the
financial advisor to the consortium.
Joe Lambert, President & Chief Executive
Officer, stated: “We are excited to have met this important project
milestone slightly ahead of schedule. This is a significant project
for NACG and we look forward to working closely together with the
Metro Flood Diversion Authority, the local communities and our
partners.”
About the ProjectProject
information can be found on the FM Area Diversion website at
https://fmdiversion.gov/.
About the CompanyNorth American
Construction Group Ltd. (www.nacg.ca) is one of Canada’s largest
providers of heavy construction and mining services. For more than
65 years, NACG has provided services to the mining, resource, and
infrastructure construction markets.
For further information, please contact:
Jason Veenstra, CPA, CAChief Financial OfficerNorth American
Construction Group Ltd.Phone: (780) 948-2009Email:
jveenstra@nacg.ca
For more complete information about NACG, please read our
disclosure documents filed with the SEC and the CSA. These free
documents can be obtained by visiting EDGAR on the SEC website at
www.sec.gov or on the CSA website at www.sedar.com.
North American Construct... (TSX:NOA)
Historical Stock Chart
From Nov 2024 to Dec 2024
North American Construct... (TSX:NOA)
Historical Stock Chart
From Dec 2023 to Dec 2024