Bird Construction Inc. (TSX: BDT) announced the launch of a private placement offering of senior notes and amendments to its existing credit agreement that will take effect when the offering closes.

The company plans to use net proceeds from the offering to repay approximately $204 million in outstanding debt under its non-revolving term loan facility. Any remaining funds will be applied for general corporate purposes, which may include repayment of amounts drawn under revolving credit facilities or funding future acquisitions.

The notes will be unsubordinated obligations of Bird Construction and will be guaranteed by each of the company's subsidiaries that guarantee Bird's obligations under its credit agreement. The notes will be offered exclusively to accredited investors resident in or located in a province of Canada on a private placement basis.

The amendments to Bird's credit agreement will increase the amount available under the company's committed revolving credit facility from $400 million to $500 million. The maturity date will be extended from September 3, 2028 to September 3, 2029. The amendments will also remove the requirement for Bird and subsidiary guarantors to provide security for their obligations under the credit agreement as long as Bird maintains an investment grade rating.

Bird Construction is a Canadian construction and maintenance company that operates across the country, providing services to industrial, buildings, and infrastructure markets. The company has been in operation for over 105 years.

The notes have not been qualified for distribution to the public under Canadian securities laws and will not be registered under the United States Securities Act of 1933.