NOA Prices Reopening of $125M Senior Unsecured Notes

Rhea-AI Filing Summary

North American Construction Group Ltd. disclosed the offering and pricing of a reopening of $125,000,000 in senior unsecured notes. The filing is a current report (Form 6-K) and includes an authorized signature dated October 7, 2025 by Joe Lambert, President and CEO. The company is reopening an existing note series to raise additional debt capital rather than issuing a new secured instrument, which preserves existing collateral structures but increases the company’s outstanding unsecured obligations by $125,000,000.

Positive

• $125,000,000 of additional liquidity accessed via the note reopening
• Reopened notes are senior unsecured, preserving existing secured collateral arrangements

Negative

• Increases unsecured debt obligations by $125,000,000
• Higher interest and principal service requirements could pressure cash flow depending on use of proceeds

Insights

Credit Analyst

Reopening $125M of unsecured notes increases funded debt and affects credit metrics.

The company has priced and is reopening $125,000,000 of senior unsecured notes, which will raise additional debt without adding new collateral. That action will raise funded debt and may move leverage ratios higher depending on how proceeds are used.

Risks include higher interest and principal obligations that reduce free cash flow available for operations; this is monitorable over the next 12 months as proceeds are deployed and as coupons reset or payments are due.

Corporate Finance Analyst

Reopening notes is a capital markets move to access liquidity via unsecured debt.

Reopening an existing senior unsecured note series for $125,000,000 can be an efficient way to tap investors without creating new secured claims. The filing shows formal pricing and offering steps have been taken and is signed by the CEO on October 7, 2025.

Key near-term items to watch are the stated use of proceeds and any impact on interest expense included in subsequent periodic disclosures; these will clarify whether proceeds fund growth, refinancing, or working capital.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2025

Commission File Number: 001-33161

North American Construction Group Ltd.
(Translation of registrant's name into English)

North American Energy Partners Inc.
(Former Name)

27287- 100 Avenue
Acheson, Alberta T7X 6H8
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [   ]      Form 40-F [ X ]

Documents Included as Part of this Report

Exhibit No.		Description
99.1		North American Construction Group Ltd. Announces Offering and Pricing of Reopening of $125 Million Senior Unsecured Notes

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		North American Construction Group Ltd.
Date: October 7, 2025		By:	/s/ Joe Lambert
		Name:	Joe Lambert
		Title:	President and CEO

FAQ

What did North American Construction Group (NOA) announce in this 6-K?

The company announced the offering and pricing of a reopening of $125,000,000 in senior unsecured notes, signed by Joe Lambert on October 7, 2025.

How much debt is being raised by NOA in the reopening?

NOA is reopening and pricing $125,000,000 of senior unsecured notes.

Are the reopened notes secured or unsecured?

The filing states the notes are senior unsecured, so they do not add new secured claims.

Who signed the current report for NOA and when?

The report is signed by Joe Lambert, President and CEO, dated October 7, 2025.

What immediate financial effect should investors expect from this reopening?

The immediate effect is an increase in outstanding unsecured debt of $125,000,000, which will raise interest and principal obligations; exact impact depends on disclosed use of proceeds.