Boyd Group Services closes $525-million note offering

Executive Summary

• Boyd Group Services Inc. has closed a private placement of C$525 million in principal amount of senior unsecured notes due 2030.
• The net proceeds, combined with proceeds from a concurrent C$897 million (U.S.) common share offering, will partially finance the acquisition of Joe Hudson's Collision Center.
• The acquisition is expected to close in the fourth quarter of 2025, subject to regulatory approval and customary conditions.

Key Details

• Note Offering:
  • Principal Amount: C$525 million.
  • Instrument: Senior unsecured notes due 2030.
  • Structure: Private placement offering.
  • Underwriters: Led by National Bank Capital Markets, TD Securities, and RBC Capital Markets (joint active bookrunners); CIBC Capital Markets (joint passive bookrunner).
• Use of Proceeds:
  • Net proceeds from the notes, together with proceeds from the company's previously announced equity offering, are intended to partially finance the purchase price for the acquisition of Joe Hudson's Collision Center.
  • Bridge facility commitments obtained for interim financing were fully cancelled and replaced with the aggregate net proceeds of the equity offering and the note offering.
• Acquisition Details:
  • Target: Joe Hudson's Collision Center (provider of automotive collision repair services).
  • Agreement Date: Definitive equity purchase agreement dated October 29, 2025.
  • Expected Closing: Fourth quarter of 2025, subject to customary closing conditions and regulatory requirements.
• Redemption Terms:
  • If the acquisition does not close by 5 p.m. Toronto time on April 29, 2026 (or a later permitted date), or if the purchase agreement is terminated or Boyd announces it does not intend to proceed, the notes are subject to a special mandatory redemption.
  • Redemption Price: 100% of the principal amount of the notes, plus accrued and unpaid interest, if any, to the date of redemption.
• Related Financing:
  • Concurrent with the note closing, Boyd closed an $897 million (U.S.) common share offering on November 4, 2025.

Notable Quotes

• None provided in the text.