Atkinsrealis arranges $700M debenture offering

Executive Summary

• AtkinsRealis Group Inc. priced a $700 million private offering of unsecured debentures (Series 9 and Series 10) and announced the simultaneous redemption of $700 million in existing Series 7 and Series 8 debentures.
• The new Series 9 debentures carry a 4.411% fixed interest rate maturing in June 2031, while Series 10 debentures carry a 4.756% fixed rate maturing in March 2033, with closing expected around April 6, 2026.
• Net proceeds will primarily fund the redemption of the Series 7 and Series 8 debentures on April 7, 2026, with any excess allocated to general corporate purposes, following a credit rating upgrade to BBB by DBRS.

Key Details

• Financing Structure & Pricing: $400M aggregate principal of Series 9 debentures (4.411% fixed rate, due June 15, 2031) issued at $999.87 per $1,000 principal; $300M aggregate principal of Series 10 debentures (4.756% fixed rate, due March 15, 2033) issued at par.
• Syndicate & Agents: Joint bookrunners include BMO Capital Markets, CIBC Capital Markets, and National Bank Capital Markets; participating agents include BNP Paribas, RBC Dominion Securities, Scotia Capital, TD Securities, Desjardins Securities, and BofA Securities.
• Closing & Use of Proceeds: Closing expected on or about April 6, 2026. Net proceeds designated for the redemption of Series 7 and Series 8 debentures, plus general corporate purposes if applicable.
• Interest Payment Schedule: Series 9 pays semi-annually on June 15 and December 15 (commencing Dec 15, 2026). Series 10 pays semi-annually on March 15 and September 15 (commencing Sept 15, 2026).
• Security & Ranking: Direct unsecured obligations ranking pari passu with all other unsecured/unsubordinated indebtedness; guaranteed by the same subsidiaries securing AtkinsRealis's existing credit agreement and debentures.
• Credit Ratings: DBRS upgraded AtkinsRealis to BBB (from BBB low) with a stable trend on March 20, 2026. New debentures received provisional ratings of BBB (stable) from Morningstar DBRS and BBB- from S&P.
• Redemption Terms: Series 7 ($300M) and Series 8 ($400M) debentures to be redeemed on April 7, 2026, contingent on offering completion. Redemption prices: $1,006.55 per $1,000 principal for Series 7; $1,028.50 per $1,000 principal for Series 8, plus accrued but unpaid interest.
• Regulatory Status: Offered privately in Canada on a non-prospectus basis, exempt from applicable securities law prospectus requirements.