$NOA.TO

North American Construction Group Closes Private Placement Offering of $200 Million Senior Unsecured Notes

North American Construction Group Prices C$200 Million Notes Offering

North American Construction Group (NOA.TO) priced an offering of C$200 million aggregate principal amount of 7.00% senior unsecured notes due June 16, 2031.The notes will be issued at a price of $1,000 per $1,000 of notes, the company said.NOA plans to use the proceeds to repay indebtedness under its existing credit agreement, and for general corporate purposes.The offering is expected to close on or about June 16.

CIBC Capital Markets Raises North American Construction Group's Price Target to C$23.00

CIBC Capital Markets reiterated in neutral rating on the shares of North American Construction Group (NOA.TO)' while raising it price target to C$23.00 from C$20.00, saying 2026 is off to a good start with its bid pipeline looking robust.After a deeper review of NACG's first-quarter results, CIBC is now more constructive on the company's business outlook given management's increased emphasis on execution.While Canadian margins remain below historical levels, CIBC increased its oil sands revenue estimates for 2027 given tailwinds in commodity prices and a large potential tender cycle in the first quarter of that year.The increased price target reflects a higher EBITDA estimate in 2026 on the back of this update. The higher estimate, meanwhile, reflects renewed confidence in forward guidance.CIBC estimates $399 million adjusted EBITDA for the year, which is at the midpoint of $380 million to $420 million EBITDA guidance. Free cash flow estimate was raised by 2%, from $111 million to $114 million.CIBC described NAGC's bid pipeline as intriguing, with meaningful award volume expected for the first quarter of 2027.Price: $20.59, Change: $-0.43, Percent Change: -2.05%

North American Construction Group Expands Key Contract in Queensland Australia

North American Construction Group (NOA.TO) on Tuesday announced that its wholly owned subsidiary MacKellar Group has amended and expanded an existing five-year contract with a "leading" metallurgical coal producer in the state of Queensland, Australia.The company said that the previous contract, announced in August 2024, had transitioned equipment under contract from dry rental to fully maintained fleets and awarded the construction of an on-site maintenance facility.The company further said that the amended and expanded five-year contract maintains the expiry date of Sept. 30, 2029 and continues to qualify as contractual backlog based on minimum hour commitments in the agreement.In a statement the company noted that the expanded scope, which includes additional fully maintained equipment and related services, is expected to generate approximately $125 million of incremental revenue and increases MacKellar's scope at that mine site by approximately 50%. The expanded contract is consistent with the financial outlook previously contemplated in the company's full year 2026 guidance, it said.It added that the expanded scope is set to commence May 1, 2026 and reach full run rate by August 2026."Of the thirteen additional units supporting this growth, eight Komatsu 240-ton haul trucks were already purchased in December 2025 and publicly announced as part of the Company's fleet optimization initiatives, reflecting NACG's early positioning for this expected customer demand," said the company. The company added the remaining five units are expected to be acquired as growth capital during the second and third quarters of 2026 at an estimated cost of approximately $25 million.It is not clear if the figures are in Canadian dollars, which is what the company reports its financials in."This contract expansion reflects the confidence our customer continues to place in our team and MacKellar's strong operating performance," said Barry Palmer, Chief Executive Officer of NACG. "It adds meaningful revenue visibility and contractual backlog, while also highlighting the disciplined way we deploy capital against identifiable demand. With MacKellar and Iron Mine Contracting, we continue to strengthen our Tier 1 contractor platform in Australia and enhance our ability to capture additional opportunities across the region."Shares in NOA were down $0.56 or near 3% at $18.63 in Canada yesterday.

North American Construction Group Says This Increases Revenue Visibility and Contractual Backlog by $125M

North American Construction Group Expanding Key Contract in Queensland Australia