Boyd Group Services Inc. announces pricing of C$275 million senior unsecured note offering and amendment and extension of existing revolving credit facilities

Boyd Group Services Inc. announces pricing of C$275 million senior unsecured note offering and amendment and extension of existing revolving credit facilities

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WINNIPEG, MB, Aug. 20, 2025 /CNW/ - Boyd Group Services Inc. (TSX: BYD.TO) ("BGSI", "the Boyd Group", "Boyd", or the "Company") today announced that it has entered into an underwriting agreement to sell C$275 million principal amount of senior unsecured notes due 2033 of the Company (the "Notes") pursuant to a private placement offering (the "Offering"), at a price of C$1,000 per C$1,000 principal amount of Notes, with an interest rate of 5.75% per annum, payable semi-annually in arrears on March 4 and September 4, commencing on March 4, 2026. The Notes will be guaranteed by all of the Company's material subsidiaries.

In addition, the Company today announced that it has increased and extended its existing revolving credit facilities to US$575 million for a five-year term, with an accordion feature which can increase the credit facilities to a maximum of US$875 million (the "Facilities"). The Facilities will provide more favorable pricing and mature in August 2030. The existing US$125 million Term Loan A maturing in March 2027 remains unchanged.

"The new Notes, along with the amended credit facilities, increase our financial flexibility," said Jeff Murray, Executive Vice President and Chief Financial Officer of the Boyd Group. "These financing arrangements will enable us to continue executing our latest five-year goal, designed to drive growth and enhance profitability through 2029."

The Offering is being made through a syndicate of underwriters led by National Bank Financial Markets and TD Securities, as Joint Active Bookrunners, and CIBC Capital Markets, as Joint Passive Bookrunner.

The lending institutions participating in the Facilities include The Toronto-Dominion Bank and National Bank of Canada as co-lead arrangers, Bank of America, The Bank of Nova Scotia, and Canadian Imperial Bank of Commerce.

The Notes will be offered for sale in Canada on a private placement basis and may also be offered to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") in the United States. The securities offered have not been and will not be registered under the U.S. Securities Act, and may not be offered, sold or delivered, directly or indirectly, in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be an offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The net proceeds of the Offering are intended to be used to repay existing indebtedness.

Subject to customary closing conditions, the Offering is expected to close on or about September 4, 2025.

About Boyd Group Services Inc.

Boyd Group Services Inc. is a Canadian corporation and controls The Boyd Group Inc. and its subsidiaries. BGSI shares trade on the Toronto Stock Exchange under the symbol BYD. For more information on The Boyd Group Inc. or BGSI, please visit our website at https://www.boydgroup.com.

About The Boyd Group Inc.

The Boyd Group Inc. ("Boyd") is one of the largest operators of non-franchised collision repair centres in North America in terms of number of locations and sales. Boyd operates locations in Canada under the trade names Boyd Autobody & Glass (https://www.boydautobody.com) and Assured Automotive (https://www.assuredauto.ca) as well as in the U.S. under the trade name Gerber Collision & Glass (https://www.gerbercollision.com). In addition, Boyd is a major retail auto glass operator in the U.S. with operations under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. Boyd also operates a third-party administrator, Gerber National Claims Services, that offers glass, emergency roadside and first notice of loss services. Boyd also operates a Mobile Auto Solutions ("MAS") service that offers scanning and calibration services. For more information on The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at https://www.boydgroup.com.

Caution concerning forward-looking statements

Statements made in this news release constitute forward-looking information within the meaning of certain securities laws. Forward-looking information can be generally identified by words such as "may", "will", "anticipate", "estimate", "expect", "intend", "continue", "should", "believe" or the negatives thereof and similar expressions. Specifically, forward-looking information in this news release include statements respecting the anticipated benefits of the Offering and the Facilities, the Company's ability to close the Offering, the anticipated closing date of the Offering and the expected use of proceeds of the Offering. Forward-looking statements in this news release describe the expectations of the Company as of the date hereof. These statements are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements for a variety of reasons, including, without limitation, the risks and uncertainties detailed under the "Risk Factors" section of BGSI's Annual Information Form, the "Risks and Uncertainties" and other sections of our Management's Discussion and Analysis of Operating Results and Financial Position and our other periodic filings with Canadian securities regulatory authorities. All forward-looking statements presented herein should be considered in conjunction with such filings. Although the Company believes the expectations reflected in these forward-looking statements and the assumptions upon which they are based are reasonable, no assurance can be given that actual results will be consistent with such forward-looking statements, and they should not be unduly relied upon. With respect to the forward-looking statements contained in this news release, the Company has made assumptions regarding there being no significant disruptions affecting the operations and economic performance of the Company and its subsidiaries. Except as required by law, the Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason. The forward-looking information contained herein are expressly qualified in their entirety by this cautionary statement.

SOURCE Boyd Group Services Inc.