Morneau Shepell Inc. Completes Previously Announced Bought Deal Offering


TORONTO, ONTARIO--(Marketwire - March 27, 2012) -

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Morneau Shepell Inc. (the "Company") (TSX:MSI) is pleased to announce that it has completed its previously announced public offering of $70,000,000 aggregate principal amount of 5.75% convertible unsecured subordinated debentures (the "Debentures") of the Company due March 31, 2017 (the "Offering"). As a result of the underwriters' exercising their option to purchase an additional $5,000,000 aggregate principal amount of Debentures, the Company has issued $75,000,000 aggregate principal amount of Debentures. The Offering was underwritten by a syndicate of underwriters led by National Bank Financial Inc. and TD Securities Inc. and including CIBC World Markets Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc. and GMP Securities L.P.

The net proceeds from the Offering will be used to repay indebtedness under the Company's revolving credit facility, providing borrowing capacity for general corporate purposes and future strategic acquisitions (should such opportunities arise).

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any other state securities laws and may not be offered or sold in the United States.

About Morneau Shepell Inc.

Morneau Shepell Inc. is the largest Canadian based human resources consulting and outsourcing firm focused on pension, benefit, employee assistance programs and other workplace health and productivity solutions. It offers solutions to assist employers in supporting the financial security, health and productivity of their employees. With approximately 2,600 employees in offices across North America, Morneau Shepell Inc. provides services to organizations across Canada, in the United States and around the globe.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws, which reflects the expectations of management regarding the Company's results of operations, expense levels, seasonality, cash flows, performance, liquidity, borrowing availability, financial ratios, ability to execute the Company's growth strategy and cash distributions. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "track", "targeted", "estimate", "anticipate", "believe", "should", "could", "plans" or "continue" or similar expressions suggesting future outcomes or events. These forward looking statements reflect the Company's current expectations regarding anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward looking statements involve significant risks and uncertainties, and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not or the times at which or by the performance or results will be achieved. A number of factors could cause our actual results to differ materially from the results discussed, expressed or implied in any forward-looking statement made by us or on our behalf, including, but not limited to, the factors discussed under "Risk Factors" in our Annual Information Form. These forward looking statements are made as of the date of this news release and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact Information:

Morneau Shepell Inc.
Investor Relations
(416) 445-2700

Company ProfileMorneau Shepell Inc.