North American Construction redeems C$38.61 million 5.5% convertibles

By Sarah Lizee

Olympia, Wash., April 6 – North American Construction Group Ltd. completed the redemption of its C$38,605,000 of convertible debentures due March 31, 2024 on April 6, according to a company news release.

The debentures were redeemed at C$1,000.76 for each C$1,000 principal amount, which reflects par plus accrued interest.

The regular interest payment due on March 31 was paid in the ordinary course.

The company satisfied the redemption price through the issuance of common shares. A total of 4,583,655 voting common shares of the company were issued.

As of April 6, the current market price of the common shares was about C$8.87 per common share.

North American Construction is an Acheson, Alta.-based heavy construction and mining company.

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