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Flint Energy Announces Redemption Price for 7.5% Senior Notes Due 2019

CALGARY, Alberta--(BUSINESS WIRE)--Flint Energy Services Ltd., a wholly owned subsidiary of URS Corporation (NYSE:URS), previously announced that it would redeem all of its outstanding 7.5% Senior Notes due 2019 (the “Notes”) on December 27, 2013 (the “Redemption Date”). Flint Energy Services Ltd. today announced that the redemption price for the Notes on the Redemption Date has been determined to be CAD$1,117.33 per CAD$1,000 principal amount of the Notes, calculated, in accordance the terms of the indenture governing the Notes, as the sum of the principal amount of the Notes, an Applicable Premium (as defined in the Indenture) and all accrued and unpaid interest as of the Redemption Date. TD Securities, Inc. and BMO Capital Markets provided assistance in determining the Government of Canada Bond Rate as outlined in the indenture.

Following the Redemption Date, Flint Energy Services Ltd. intends to apply to the securities regulatory authorities in each of the provinces of Canada for a decision that it be deemed to have ceased to be a reporting issuer in such jurisdictions.

Flint Energy Services Ltd. is a wholly owned subsidiary of URS Corporation (NYSE: URS), a leading provider of engineering, construction and technical services for public agencies and private sector companies around the world. URS Corporation offers a full range of program management; planning, design and engineering; systems engineering and technical assistance; construction and construction management; operations and maintenance; information technology; and decommissioning and closure services. URS provides services for federal, oil and gas, infrastructure, power, and industrial projects and programs. Headquartered in San Francisco, URS Corporation has more than 50,000 employees in a network of offices in nearly 50 countries (

This press release does not constitute a notice of redemption of the Notes or an offer to buy or sell or the solicitation of an offer to sell or buy securities in any jurisdiction. Holders of the Notes should refer to the Notice of Redemption delivered to the registered holders of the Notes by Computershare Trust Company of Canada, the trustee under the indenture governing the Notes.

Cautionary Statement Regarding Forward-Looking Statements

Statements contained in this press release that are not historical facts may constitute forward-looking statements, including statements relating to the Canadian debt redemption and the termination of the reporting obligations of Flint Energy Services Ltd. The Company believes that its expectations are reasonable and are based on reasonable assumptions. However, such forward-looking statements by their nature involve risks and uncertainties. We caution that a variety of factors could cause actual events or results to differ materially from those expressed or implied in the Company’s forward-looking statements. These factors include, but are not limited to: declines in the economy or client spending; federal budget and sequestration issues; our reliance on government appropriations; our ability to make accurate estimates and assumptions; the impact of changes in laws and regulations; our leveraged position and the ability to service our debt; restrictive covenants in finance arrangements; the possibility that the Canadian regulatory authorities may refuse to allow Flint to cease reporting or could delay those decisions; and other factors discussed more fully in URS Corporation’s most recently filed periodic report, as well as in other reports filed from time to time with the Securities and Exchange Commission. These forward-looking statements represent only the Company’s current intentions, beliefs or expectations, and any forward-looking statement speaks only as of the date on which it was made. The Company assumes no obligation to revise or update any forward-looking statements.


Flint Energy Services Ltd./URS Corporation
Sam Ramraj
Vice President,
Investor Relations
Sard Verbinnen & Co
Jamie Tully/Delia Cannan