Finning Announces Pricing of $425 Million of 4.778% Senior Unsecured Notes

VANCOUVER, British Columbia, Feb. 08, 2024 (GLOBE NEWSWIRE) — Finning International Inc. (TSX: FTT) (“Finning” or “we”) announced today that it has priced an offering of $425 million principal amount of 4.778% Senior Unsecured Notes due February 13, 2029 (the “Notes”), which will rank pari passu with existing senior unsecured obligations of Finning. Interest on the Notes is payable semi-annually, commencing on August 13, 2024.

Closing of the offering of the Notes is expected to occur on or about February 13, 2024. This offering is being made pursuant to exemptions from the prospectus requirements of applicable securities laws of the provinces 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 for repayment of existing indebtedness and for general corporate purposes.

RBC Capital Markets, Scotiabank and TD Securities (as Joint Bookrunners), CIBC World Markets Inc., National Bank Financial Inc., Citigroup Global Markets Canada Inc., Merrill Lynch Canada Inc., Wells Fargo Securities Canada, Ltd., MUFG Securities (Canada), Ltd. and HSBC Securities (Canada) Inc. 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 is the world’s largest Caterpillar dealer delivering unrivalled service to customers for over 90 years. Headquartered in Surrey, British Columbia, we provide Caterpillar equipment, parts, services, and performance solutions in Western Canada, Chile, Argentina, Bolivia, the United Kingdom, and Ireland.

Contact Information
Ilona Rojkova
Director, Investor Relations
Phone: 604-837-8241
Email: [email protected]
www.finning.com

FORWARD-LOOKING INFORMATION DISCLAIMER

This news release contains information that is forward-looking. Information is forward-looking when we use what we know and expect today to give information about the future. All forward-looking information in this news release is subject to this disclaimer including the assumptions and material risk factors referred to below. Forward-looking information in this news release includes, but is not limited to, the following: the closing date of the offering 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 we indicate otherwise, forward-looking information in this news release reflects our expectations at the date of this news release. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.

Forward-looking information, by its very nature, is subject to numerous risks and uncertainties and is based on a number of assumptions. This gives rise to the possibility that actual results could differ materially from the expectations expressed in or implied by such forward-looking information and that our business outlook, objectives, plans, strategic priorities and other information that is not historical fact may not be achieved. As a result, we cannot guarantee that any forward-looking information will materialize.

Forward-looking information is provided in this news release to give information about our current expectations and plans and allow investors and others to get a better understanding of our operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking information 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. Some of the assumptions, risks, and other factors, which could cause results to differ materially from those expressed in the forward-looking information contained in this news release, are discussed in our current AIF and in our annual MD&A for the financial risks. We caution readers that the risks described in the annual MD&A and in the AIF are not the only ones that could impact us. Additional risks and uncertainties not currently known to us or that are currently deemed to be immaterial may also have a material adverse effect on our business, financial condition, or results of operation.


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