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Stantec Inc. reports news on its sustainable design, engineering, architecture, and environmental consulting business. Company updates commonly cover financial results, backlog and outlook, dividend actions, normal course issuer bids, and annual shareholder meeting materials.
Stantec news also includes multidisciplinary project awards and client selections across infrastructure, water and wastewater, energy transition, buildings, environmental services, and public-sector programs. Recurring themes include work tied to aging infrastructure, community development, sustainable energy, climate resilience, and regional activity in Canada, the United States, and global markets.
Stantec announced the closing of a private placement offering of $300 million in senior unsecured notes due October 8, 2027, with an interest rate of 2.048% per annum. The proceeds will be utilized to repay existing debt and for general corporate purposes. The notes rank equally with Stantec's existing senior unsecured indebtedness and were assigned a BBB rating with a stable outlook by DBRS Limited. Notably, these notes are not registered under U.S. securities laws and cannot be sold to U.S. persons.
Stantec will announce its third quarter 2020 financial results on November 4, 2020, after market close. A conference call, hosted by CEO Gord Johnston and CFO Theresa Jang, is scheduled for November 5, 2020, at 7:00 AM MT (9:00 AM ET) to discuss the results. The call will be accessible via telephone or streamed online. Stantec, trading on TSX and NYSE under the symbol STN, focuses on community-centric design, emphasizing collaboration and innovation.
Stantec has announced a private placement of $300 million in senior unsecured notes with a 2.048% interest rate, due October 8, 2027. The closing is expected around the same date, subject to customary conditions. The funds will primarily be used for repaying existing debt and general corporate purposes. The notes will not be registered under the U.S. Securities Act and will be issued at par, with interest payments starting on April 8, 2021. The notes have been provisionally rated BBB by DBRS Limited.
Stantec has completed the acquisition of Teshmont, enhancing its expertise in high voltage power transmission and distribution engineering. Founded in 1966, Teshmont brings experience from over 300 projects across 50 countries. This strategic move positions Stantec to capitalize on an estimated US$13 trillion in renewable energy spending by 2025. The acquisition is expected to bolster Stantec's Energy & Resources operations, specifically in renewable energy projects like wind and solar, while offering Teshmont's employees new opportunities for growth and diverse services.
Stantec has been selected by the Millennium Challenge Corporation (MCC) to provide advisory services for its US$350 million Mongolia Water Compact. This initiative aims to enhance Ulaanbaatar's water supply by 80%, benefiting over 1.4 million residents. The project includes constructing groundwater wells, a water purification plant, and wastewater recycling facilities. Additionally, the Mongolian Government is contributing US$111.8 million, marking a significant partnership for MCC. Stantec has collaborated with MCC since 2006, indicating its established expertise in international development.
Stantec announced a collaboration with Battelle for a 10-year, $260 million Arctic Research Support and Logistics Services contract from the National Science Foundation. The project includes engineering and design services for new facilities and maintenance in remote Arctic locations, enhancing research capabilities. Stantec emphasizes sustainable operations and partnerships with Indigenous communities, aiming for a Progressive Aboriginal Relations certification. This collaboration supports vital studies in the rapidly changing Arctic environment, reinforcing Stantec's commitment to responsible research and community engagement.
Stantec has secured a five-year, $45 million indefinite delivery/indefinite quantity (IDIQ) contract from the US Army Corps of Engineers (USACE), Huntington District. The contract focuses on geotechnical services for flood damage reduction projects across the Continental United States. Key tasks include dam safety assessments, seepage management, and seismic studies. This partnership continues over 60 years of collaboration between Stantec and USACE, supporting vital infrastructure projects. The contract qualifies as essential work during the COVID-19 pandemic.
Stantec has been chosen as the lead in a global project by the Water Research Foundation to establish a digital transformation framework for the water industry. Named Definition of Smart Utility, this initiative is funded by the WRF and aims to guide utility leaders in making data-driven decisions using an Intelligent Water Systems (IWS) framework. The project will focus on integrating smart technologies into utility operations and is expected to be completed by the end of 2021. Approximately 30 agencies and seven data solution providers will contribute to this vital research.
On July 21, 2020, Stantec announced it will provide bridge inspection services to Nevada, Colorado, and North Dakota’s Departments of Transportation (DOT). The company will conduct over 2,000 inspections for NDOT and a statewide evaluation for CDOT, employing advanced technologies such as drone inspections and non-destructive testing. The bridge inspection market is projected to reach $6.3 billion by 2029, driven by aging infrastructure. Inspections for NDDOT will begin soon, marking Stantec's first contract with them.