Wajax Corporation (“Wajax” or the “Corporation”) (TSX: WJX) today
announced that it has closed its previously announced public
offering of $50 million principal amount of listed senior unsecured
debentures, at a price of $1,000 per debenture (the “Debentures”).
A syndicate led by BMO Capital Markets, RBC Capital Markets, and
Scotia Capital and including TD Securities, CIBC Capital Markets,
National Bank Financial, Desjardins Securities and Raymond James
acted as underwriters for the offering. The Debentures have an
interest rate of 6.00% per annum, payable semi-annually on January
15th and July 15th commencing on July 15, 2020 and will mature on
January 15, 2025. The Debentures will commence trading on the
Toronto Stock Exchange under the symbol “WJX.DB”.
The Corporation intends to use the net proceeds
of the offering for the repayment of outstanding indebtedness under
existing credit facilities.
The Corporation has also granted the
underwriters the option to purchase up to $7.5 million principal
amount of additional Debentures at the same price, to cover
over-allotments, if any, and for market stabilization purposes,
exercisable in whole or in part anytime up to 30 days following
closing of the offering.
The securities offered have not been and will
not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful.
Wajax Corporation
Founded in 1858, Wajax (TSX: WJX) is one of
Canada’s longest-standing and most diversified industrial products
and services providers. The Corporation operates an integrated
distribution system providing sales, parts and services to a broad
range of customers in diverse sectors of the Canadian economy,
including: construction, forestry, mining, industrial and
commercial, oil sands, transportation, metal processing, government
and utilities, and oil and gas.
The Corporation’s goal is to be Canada’s leading
industrial products and services provider, distinguished through
its three core capabilities: sales force excellence, the breadth
and efficiency of repair and maintenance operations, and the
ability to work closely with existing and new vendor partners to
constantly expand its product offering to customers. The
Corporation believes that achieving excellence in these three areas
will position it to create value for its customers, employees,
vendors and shareholders.
Cautionary Statement Regarding Forward-Looking
Information
This news release contains certain
forward-looking statements and forward-looking information, as
defined in applicable securities laws (collectively,
“forward-looking statements”). These forward-looking statements
relate to future events or the Corporation’s future performance.
All statements other than statements of historical fact are
forward-looking statements. Often, but not always, forward looking
statements can be identified by the use of words such as “plans”,
“anticipates”, “intends”, “predicts”, “expects”, “is expected”,
“scheduled”, “believes”, “estimates”, “projects” or “forecasts”, or
variations of, or the negatives of, such words and phrases or state
that certain actions, events or results “may”, “could”, “would”,
“should”, “might” or “will” be taken, occur or be achieved. Forward
looking statements involve known and unknown risks, uncertainties
and other factors beyond the Corporation’s ability to predict or
control which may cause actual results, performance and
achievements to differ materially from those anticipated or implied
in such forward-looking statements. There can be no assurance that
any forward-looking statement will materialize. Accordingly,
readers should not place undue reliance on forward looking
statements. The forward-looking statements in this news release are
made as of the date of this news release, reflect management’s
current beliefs and are based on information currently available to
management. Although management believes that the expectations
represented in such forward-looking statements are reasonable,
there is no assurance that such expectations will prove to be
correct. Specifically, this news release includes forward looking
statements regarding, among other things, the use of proceeds from
the offering, our goal of becoming Canada’s leading industrial
products and services provider, distinguished through our core
capabilities; and our belief that achieving excellence in our areas
of core capability will position Wajax to create value for its
customers, employees, vendors and shareholders. These statements
are based on a number of assumptions which may prove to be
incorrect, including, but not limited to, general business and
economic conditions; the supply and demand for, and the level and
volatility of prices for, oil, natural gas and other commodities;
financial market conditions, including interest rates; our ability
to execute our updated Strategic Plan, including our ability to
develop our core capabilities, execute on our organic growth
priorities, complete and effectively integrate acquisitions, such
as Groupe Delom Inc., and to successfully implement new information
technology platforms, systems and software; the future financial
performance of the Corporation; our costs; market competition; our
ability to attract and retain skilled staff; our ability to procure
quality products and inventory; and our ongoing relations with
suppliers, employees and customers. The foregoing list of
assumptions is not exhaustive. Factors that may cause actual
results to vary materially include, but are not limited to, the
failure or delay in satisfying any of the conditions to the
completion of the offering. Additional factors include, but are not
limited to, a deterioration in general business and economic
conditions; volatility in the supply and demand for, and the level
of prices for, oil, natural gas and other commodities; a continued
or prolonged decrease in the price of oil or natural gas;
fluctuations in financial market conditions, including interest
rates; the level of demand for, and prices of, the products and
services we offer; levels of customer confidence and spending;
market acceptance of the products we offer; termination of
distribution or original equipment manufacturer agreements;
unanticipated operational difficulties (including failure of plant,
equipment or processes to operate in accordance with specifications
or expectations, cost escalation, our inability to reduce costs in
response to slow-downs in market activity, unavailability of
quality products or inventory, supply disruptions, job action and
unanticipated events related to health, safety and environmental
matters); our ability to attract and retain skilled staff and our
ability to maintain our relationships with suppliers, employees and
customers. The foregoing list of factors is not exhaustive. Further
information concerning the risks and uncertainties associated with
these forward-looking statements and the Corporation’s business may
be found in our Annual Information Form for the year ended December
31, 2018, filed on SEDAR. The forward-looking statements contained
in this news release are expressly qualified in their entirety by
this cautionary statement. The Corporation does not undertake any
obligation to publicly update such forward-looking statements to
reflect new information, subsequent events or otherwise unless so
required by applicable securities laws.
Additional information, including Wajax’s Annual
Report, is available on SEDAR at www.sedar.com.
For further information, please
contact:
Mark Foote, President and Chief Executive Officer
Email: mfoote@wajax.com
Stuart Auld, Chief Financial Officer Email:
sauld@wajax.com
Trevor Carson, Vice President, Financial Planning
and Risk Management Email: tcarson@wajax.com
Telephone #: (905) 212-3300
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