Bird Announces Launch of Private Placement of Senior Notes and Expected Amendments to Its Credit Agreement
MISSISSAUGA, Ontario, May 27, 2026 (GLOBE NEWSWIRE) -- Bird Construction Inc. (“Bird” or the “Company”) (TSX: BDT) today announced that it has launched an offering (the “Offering”) of senior notes (the “Notes”) and entered into an amendment to its existing credit agreement which will take effect when the Offering closes.
Bird intends to use the net proceeds from the Offering to repay all of Bird’s outstanding debt under its non-revolving term loan facility (approximately $204 million) and to apply any balance for general corporate purposes, which may include repayment of amounts drawn under revolving credit facilities or funding future acquisitions.
The Notes will be unsubordinated obligations of Bird and will be guaranteed on an unsubordinated basis by each of Bird’s subsidiaries that guarantee Bird’s obligations under its credit agreement (the “subsidiary guarantors”).
The Notes have not been, and will not be, qualified for distribution to the public under the securities laws of any province or territory of Canada. The Notes will be offered and sold on a private placement basis exclusively to "accredited investors" (as defined under applicable Canadian securities laws) that are resident in, or located in, a province of Canada.
When effective, the amendments to Bird’s credit agreement will, among other things, (i) increase the amount available to be borrowed under Bird’s committed revolving credit facility from $400 million to $500 million, (ii) extend the maturity date from September 3, 2028 to September 3, 2029, and (iii) remove the requirement that Bird and the subsidiary guarantors provide security for their respective obligations under Bird’s credit agreement for so long as Bird maintains an investment grade rating.
About Bird Construction
Bird (TSX: BDT) is a leading Canadian construction and maintenance company operating from coast-to-coast-to-coast. Servicing all of Canada's major markets through a collaborative, safety-first approach, Bird provides a comprehensive range of construction services, self-perform capabilities, and innovative solutions to the industrial, buildings, and infrastructure markets. For over 105 years, Bird has been a people-focused company with an unwavering commitment to safety and a high level of service that provides long-term value for all stakeholders. www.bird.ca.
Not an Offer to Sell
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes in any jurisdiction. The Notes have not been approved or disapproved by any regulatory authority. The Notes will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and will not be offered or sold within the United States.
Forward-Looking Information
This press release contains forward-looking information (as defined in applicable Canadian securities legislation), including, without limitation, statements identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “view” or similar words suggesting future outcomes, or statements that actions, events or conditions “may”, “would”, “could” or “will” be taken or occur in the future. In particular, and without limiting the generality of the foregoing, this press release contains forward-looking information with respect to: the Company’s expectations regarding the Offering, including the anticipated size of the Offering and use of net proceeds therefrom; the effectiveness of the amendment to the credit agreement.
This forward-looking information reflects management’s expectations regarding future events and operating performance and is subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking information. These risks, uncertainties and other factors include, without limitation, risks related to the ability to complete the offering of the Notes on the terms described herein or at all, the ability to satisfy the conditions precedent to the effectiveness of the amendment to the credit agreement, and other factors described in greater detail in the “Risks Relating to the Business” section of the Company’s Management's Discussion and Analysis for the fiscal year ended December 31, 2025, which is filed under the Company’s profile on SEDAR+ (www.sedarplus.ca) Readers are cautioned that the foregoing list of factors is not exhaustive. This forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release.
For further information, contact:
Rachel Pattimore
Vice President, Investor Relations
Phone: (403) 520-2621
investor.relations@bird.ca
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