North American Energy Partners Inc.

North American Energy Partners Inc.

April 27, 2005 23:59 ET

North American Energy Partners Inc.: News Release

North American Energy Partners Inc.: News Release

ACHESON, ALBERTA--(CCNMatthews - Apr. 27, 2005) - North American Energy Partners
announced today that it priced its offering of 9% Senior Secured Notes due 2010.
Gross proceeds of the offering will be US$60,481,000. The closing for the sale
of the notes, scheduled for May 10, 2005, is subject to various conditions
precedent, including that a new revolving credit facility will be finalized. The
new senior secured notes and the new revolving credit facility will replace the
company's existing senior secured bank credit facility that provides for both
term notes and a revolving facility. For the last several months, the company
has been operating under a series of waivers from lenders under its existing
senior secured bank credit facility waiving noncompliance with various financial
covenants contained in the existing senior secured bank credit facility.

The sale of the new senior notes being issued has not been registered under the
Securities Act of 1933 or under the securities laws of any jurisdiction. They
are being offered only to qualified institutional buyers (as defined in Rule
144A under the Securities Act), to persons outside the United States under
Regulation S of the Securities Act and to a limited number of institutional
"accredited investors" within the meaning of Rule 501(a)(1), (2), (3) or (7) of
the Securities Act. Accordingly, the notes may not be offered or sold in the
United States absent registration or an applicable exemption from registration
requirements.

North American Energy Partners is one of the largest providers of mining and
site preparation, piling and pipeline installation services in western Canada.

This news release contains forward-looking statements. Although the company
believes that its expectations are based on reasonable assumptions, no assurance
can be given that its goals will be achieved. Any number of factors and
uncertainties, many of which are beyond the company's control, could cause
actual results to differ materially from those contemplated by such forward-
looking statements. Important factors that could cause actual results to differ
materially from those in the forward-looking statements are enumerated in the
company's reports on Form 6-K filed with the United Stated Securities and
Exchange Commission. Undue reliance should not be placed upon forward-looking
statements, and the company undertakes no obligation to update those statements.


Contact Information

  • Bernie Robert
    Assistant Treasurer
    North American Energy Partners Inc.
    (780) 960-2266
    Email: brobert@nacg.ca