North American Energy Partners Inc.

North American Energy Partners Inc.

November 22, 2006 13:35 ET

North American Energy Partners' Parent Prices Initial Public Offering

ACHESON, ALBERTA--(CCNMatthews - Nov. 22, 2006) - NACG Holdings Inc., the parent company of North American Energy Partners Inc. (TSX:NOA) (NYSE:NOA), announced today that it has priced the initial public offering of 12,500,000 of its common shares at US$16.00 (C$18.38) per share. As previously announced, concurrently with the offering, NACG Holdings Inc. plans to amalgamate with its subsidiaries NACG Preferred Corp. and North American Energy Partners Inc. The amalgamated entity will retain the name North American Energy Partners Inc. The Company expects the issuance and delivery of the shares to occur on November 28, 2006.

The Company is selling 8,750,000 common shares, and existing shareholders are selling 3,750,000 common shares. The Company and the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 1,875,000 shares at the initial public offering price to cover over-allotments, if any.

The New York Stock Exchange has approved the listing of the common shares under the symbol "NOA." The Toronto Stock Exchange has conditionally approved the listing of the common shares under the symbol "NOA."

Credit Suisse Securities (USA) LLC, UBS Securities LLC and Jefferies & Company, Inc. are the joint book-running managers for the offering. The co-lead manager is CIBC World Markets Corp. The other co-managing underwriters in the United States are Simmons & Company International and Stephens Inc., with Peters & Co. Limited co-managing in Canada.

A final supplemented prospectus containing pricing information will be filed with the applicable Canadian regulatory authorities and will be available at A prospectus meeting the requirements of Section 10 of the Securities Act of 1933 will be filed with the U.S. Securities and Exchange Commission and may be obtained from the following addresses or telephone numbers:

Credit Suisse Securities (USA) LLC
Attn: Prospectus Department
11 Madison Avenue
New York, NY 10010
Phone: (800) 221-1037

UBS Investment Bank
Attn: Prospectus Department
299 Park Avenue
New York, NY 10171
Phone: (212) 821-3000

Jefferies & Company
Attn: Prospectus Department
1100 Santa Monica Blvd
Los Angeles, CA 90025
Phone: (310) 575-5255

A registration statement relating to these securities has been filed with and declared effective by the U.S. Securities and Exchange Commission on November 21, 2006. A final prospectus will be submitted for filing with applicable Canadian securities regulatory authorities today. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state, province or territory in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province or territory.

This news release contains forward-looking statements. Actual results could differ materially from those contemplated by such forward-looking statements as a result of any number of factors and uncertainties, many of which may be beyond the Company's control. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein are enumerated in NACG Holdings Inc.'s registration statement filed with the United States Securities and Exchange Commission. Undue reliance should not be placed upon forward-looking statements and we undertake no obligation to update those statements.

Contact Information

  • North American Energy Partners Inc.
    Vincent Gallant
    Vice President, Corporate
    (780) 960-2255
    (780) 960-7167 (FAX)