Boyd Group Services prices $525-million note offering

Executive Summary

• Boyd Group Services Inc. has priced a private placement of C$525 million in senior unsecured notes due 2030 to help finance the acquisition of Joe Hudson's Collision Center.
• The notes carry a 5.50% annual interest rate, payable semi-annually, and are priced at par ($1,000 per $1,000 principal amount).
• Proceeds will be combined with a previously announced $780 million U.S. equity offering to fund the acquisition, which is expected to close in Q4 2025.

Key Details

• Instrument: Senior Unsecured Notes due 2030.
• Principal Amount: C$525 million.
• Pricing: $1,000 per $1,000 principal amount.
• Interest Rate: 5.50% per annum.
• Payment Schedule: Semi-annual in arrears on November 6 and May 6, commencing May 6, 2026.
• Use of Proceeds: To partially finance the purchase price for the acquisition of Joe Hudson's Collision Center (a provider of automotive collision repair services).
• Acquisition Context:
  • Target: Joe Hudson's Collision Center.
  • Agreement Date: October 29, 2025.
  • Expected Closing: Fourth quarter of 2025, subject to customary conditions and regulatory requirements.
  • Funding Structure: Net proceeds from this note offering + proceeds from a previously announced $780 million (U.S.) common share offering (announced Oct 29, 2025, expected to close Nov 4, 2025).
  • Bridge Facility: Existing bridge facility commitments will be cancelled and replaced by the aggregate net proceeds of the equity and note offerings.
• Redemption Clause: If the acquisition does not close by April 29, 2026 (or if the agreement is terminated/not proceeded with), the notes are subject to special mandatory redemption at 100% of principal plus accrued interest.
• Underwriters:
  • Joint Active Bookrunners: National Bank Capital Markets, TD Securities, RBC Capital Markets.
  • Joint Passive Bookrunner: CIBC Capital Markets.
• Closing Date: Expected on or about November 6, 2025.

Notable Quotes

• None provided in the text.