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North American Construction Group - 5.5% Convertible Debenture New Issue

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North American Construction Group Ltd. is issuing $65M of 5.5% Convertible Debentures maturing Jun-1-2028. Interest is paid semi-annually, on maturity repayment can be in shares of North American Construction Group Ltd. (NOA-TSX). The Debentures are convertible at $24.75, and approximate 45% premium to the current price.

The Debentures are not redeemable by the company before Jun-30-2024. After Jun-30-2024 and prior to Jun-30-2026, the debentures may be redeemed at the option of the Company providing the share price is 125% of the conversion price. The debentures are redeemable at par on the maturity date.

The NOA.DB.A issue that is already outstanding pay a 5% yield and is convertible at $26.25, maturity is Mar-31-2026. The new issue is priced more attractively than NOA.DB.A and will be priced higher than NOA.DB.A, possibly in the $102 range.

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