ShawCor Ltd.
TSX : SCL

ShawCor Ltd.

September 10, 2014 16:35 ET

ShawCor Ltd. Announces $200 Million Offering of Common Shares

TORONTO, ONTARIO--(Marketwired - Sept. 10, 2014) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

ShawCor Ltd. ("ShawCor" or the "Company") (TSX:SCL) announced today that it has agreed to sell, on a bought deal basis, 3,650,000 common shares at a price of $54.85 per common share (the "Issue Price") for gross proceeds of $200,202,500 (the "Offering"). The common shares will be offered through a syndicate of underwriters led by TD Securities Inc. ShawCor has also granted the underwriters an option to purchase, in whole or part, up to an additional 547,500 common shares at the Issue Price to cover over-allotments, if any, for a period of 30 days following the closing of the Offering. If the over-allotment option is exercised in full, gross proceeds from the Offering will be $230,232,875.

ShawCor will use the net proceeds of the Offering for general corporate purposes, including to repay a portion of its outstanding revolving debt in the normal course in order to create debt availability to fund future corporate investments, which may potentially include future acquisitions.

The common shares will be offered in all provinces of Canada (excluding Quebec) by way of a supplement to the Company's base shelf prospectus dated June 16, 2014. The offering is subject to the receipt of all necessary regulatory and stock exchange approvals and customary closing conditions. Closing of the Offering is expected to occur on or about September 19, 2014.

This press release is not an offer of securities for sale in the United States. The common shares being offered have not been and will not be registered under the United States Securities Act of 1933 and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.

About ShawCor Ltd.

ShawCor Ltd. is a global energy services company specializing in products and services for the pipeline and pipe services and the petrochemical and industrial segments of the oil and gas industry. The Company now operates through nine divisions with over ninety manufacturing and service facilities located around the world.

Note Regarding Forward-Looking Statements

Certain statements contained or incorporated by reference in this press release may constitute forward-looking statements under applicable securities law, such as statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "seeks" and similar expressions. There can be no assurance that the Offering or any over-allotment will be completed. Although ShawCor believes that the expectations and assumptions on which such forward-looking statements and the information are reasonable, undue reliance should not be placed on the forward looking statements and information because ShawCor can give no assurance that such statements and information will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

Please visit our website at www.shawcor.com for further details.

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