Finning Announces Pricing of $200 Million of 2.626% Senior Unsecured Notes

VANCOUVER, British Columbia, Aug. 12, 2019 (GLOBE NEWSWIRE) -- Finning International Inc. (TSX: FTT) ("Finning" or the “Company”) announced today that it has priced an offering of $200 million principal amount of 2.626% Senior Unsecured Notes due August 14, 2026 (the "Notes"), which will rank pari passu with existing senior unsecured obligations of Finning. Interest on the Notes is payable semi-annually, commencing on February 14, 2020.

Closing of the offering of the Notes is expected to occur on or about August 14, 2019. This offering is being made pursuant to exemptions from the prospectus requirements of applicable securities laws of the provinces and territories of Canada. Purchasers of Notes will be obliged to establish their qualification to invest in accordance with the requirements of the securities laws of the jurisdiction in which they reside. As this offering is being made pursuant to exemptions from prospectus requirements of applicable securities laws, there will be restrictions on the resale of the Notes.

Proceeds from the issuance of the Notes will be used to reduce outstanding indebtedness under Finning’s revolving global credit facility.

RBC Capital Markets, Scotiabank, TD Securities, (as Joint Bookrunners), BMO Nesbitt Burns Inc., CIBC World Markets Inc., Citigroup Global Markets Canada Inc., HSBC Securities (Canada) Inc., Merrill Lynch Canada Inc., MUFG Securities (Canada), Ltd., National Bank Financial Inc., and Wells Fargo Securities Canada, Ltd. are acting as agents with respect to the offering of the Notes.

This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority. The securities are not being offered in the United States.

About Finning
Finning International is the world's largest Caterpillar equipment dealer delivering unrivalled service to customers for over 85 years. Finning sells, rents, and provides parts and service for equipment and engines to help customers maximize productivity. Headquartered in Vancouver, B.C., the Company operates in Western Canada, Chile, Argentina, Bolivia, the United Kingdom and Ireland.

Finning Investor Relations Contact
Mauk Breukels
Vice President, Investor Relations and Corporate Affairs
(604) 331-4934


This report contains statements about future events that are not historical facts. A statement Finning makes is forward-looking when it uses what the Company knows and expects today to make a statement about the future. Forward-looking statements may include terminology such as aim, anticipate, assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, project, seek, should, strategy, strive, target, and will, and variations of such terminology. Forward-looking statements in this report include, but are not limited to, statements with respect to: the expected closing date of the offering of Notes and the expected use of proceeds.  All such forward-looking statements are made pursuant to the ‘safe harbour’ provisions of applicable Canadian securities laws.

Unless otherwise indicated by us, forward-looking statements in this report reflect Finning’s expectations at the date in this report. Except as may be required by Canadian securities laws, Finning does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Forward-looking statements, by their very nature, are subject to numerous risks and uncertainties and are based on assumptions, which give rise to the possibility that actual events could differ materially from the expectations expressed in or implied by such forward-looking statements. As a result, Finning cannot guarantee that any forward-looking statement will materialize. Forward-looking statements are provided in this report for the purpose of giving information about management’s current expectations and plans and allowing investors and others to get a better understanding of Finning’s operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any other purpose.  

Forward-looking statements made in this news release are based on a number of assumptions that Finning believed were reasonable on the day Finning made the forward-looking statements. Refer in particular to the Outlook section of Finning’s annual management discussion & analysis (“MD&A”) for more information on forward-looking statements. Some of the assumptions, risks, and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in this news release are discussed in Finning's current annual information form ("AIF") and in the MD&A for the financial risks.

Finning cautions readers that the risks described in the MD&A and the AIF are not the only ones that could impact Finning. Additional risks and uncertainties not currently known to Finning or that are currently deemed to be immaterial may also have a material adverse effect on Finning's business, financial condition, or results of operations.