May 13, 2011
Edmonton engineering firm Stantec refinances debt, reports profit increase
Engineering consulting firm Stantec Inc. (TSX:STN) announced Friday it has issued a total of $125 million in senior secured notes through CIBC World Markets and is using the net proceeds to refinance existing debt.
Edmonton-based Stantec stated the principal amount is comprised of $70 million in 4.332% notes due May 10, 2016 and $55 million in 4.757% notes due May 10, 2018.
The announcement came a day after Stantec reported its financial results for the first quarter. As of March 31, Stantec had $303.5 million in long-term debt. The current portion of that debt was $44.6 million.
During the three months ending March 31, Stantec reported net income of $23.8 million on gross revenue of $408.7 million and net revenue (gross revenue minus sub-consultant and other direct expenses) of $336.8 million. During the same period in 2010, net income was $16.3 million on net revenue of $296.8 million.
During the first quarter of this year, Stantec acquired QuadraTec Inc. and Project Control Group Inc.
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