North American Energy Partners Completes Sale of Piling Businesses
EDMONTON, ALBERTA -- (Marketwired) -- 07/12/13 -- North American
Energy Partners Inc. ("NAEP" or "the Company") (TSX:NOA)(NYSE:NOA)
today announced that it has completed the previously announced sale
of its Piling businesses to Keller Group plc.
As previously disclosed, the Company expects to use a portion of the
net proceeds to repay the outstanding balance of the Term A Facility
of approximately $16.3 million. In addition the Company is evaluating
options for the use of the remaining proceeds, which includes a
significant reduction of debt by way of repaying up to all amounts
outstanding on its revolving credit facility and repurchasing a
portion of its outstanding senior unsecured notes.
"We are pleased to have concluded this transaction and look forward
to moving ahead on a stronger financial footing as a focused heavy
construction and mining contractor," said Martin Ferron, NAEP
President and CEO.
This release contains forward-looking information that is based on
expectations and estimates as of the date of this release.
Forward-looking information is information that is subject to known
and unknown risks and other factors that may cause future actions,
conditions or events to differ materially from the anticipated
actions, conditions or events expressed or implied by such
forward-looking information. Forward-looking information is
information that does not relate strictly to historical or current
facts and can be identified by the use of the future tense or other
forward-looking words such as "believe", "expect", "anticipate",
"intend", "plan", "estimate", "should", "may", "could", "would",
"target", "objective", "projection", "forecast", "continue",
"strategy", "position" or the negative of those terms or other
variations of them or comparable terminology.
There can be no assurance that forward-looking information will prove
to be accurate, as actual results and future events could differ
materially from those expected or estimated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking information. Each of the forward-looking statements
in this news release is subject to significant risks and
uncertainties and is based on a number of assumptions which may prove
to be incorrect. The material factors or assumptions used to develop
the above forward-looking statements and the risks and uncertainties
that could cause actual results to differ materially from the
information presented in the above are discussed in NAEP's Management
Discussion & Analysis for the year ended March 31, 2013. While
management anticipates that subsequent events and developments may
cause its views to change, the Company does not intend to update this
forward-looking information, except as required by applicable
securities laws. This forward-looking information represents
management's views as of the date of this document and such
information should not be relied upon as representing their views as
of any date subsequent to the date of
For more complete information about NAEP, you should read the
disclosure documents filed with the SEC and the CSA. You may obtain
these documents for free by visiting the SEC website at www.sec.gov
or SEDAR on the CSA website at www.sedar.com.
North American Energy Partners Inc.
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