Transaction|November 2, 2011
Sherritt International completes offering of senior unsecured debentures
Torys acted as counsel to Sherritt International with a team that included Michael Pickersgill, Kevin Morris, Robbie Leibel, Adam Delean, Nadine Rockman Katz, Alison Lacy, Amanda Balasubramanian and John Unger.
On November 2, 2011, Sherritt International Corporation (TSX: S) (Sherritt) completed its offering of C$400 million of seven-year senior unsecured debentures (the Debentures). The Debentures bear interest at a rate of 8% per annum and mature on November 15, 2018. The Debentures were offered through a syndicate of agents led by GMP Securities and National Bank Financial and included Scotia Capital.
The Debentures rank equally with other senior, unsecured indebtedness of Sherritt. Net proceeds will be used to fund the redemption of all of the C$274 million outstanding principal amount of Sherritt's 7.875% Senior Unsecured Debentures Series A due November 26, 2012, including the applicable make-whole premium, and the remainder for general corporate purposes.
Sherritt International is a diversified natural resource company engaged in the production of nickel, cobalt, thermal coal, oil, gas and electricity.
Further information can be found on Sherritt's website.
The Debentures rank equally with other senior, unsecured indebtedness of Sherritt. Net proceeds will be used to fund the redemption of all of the C$274 million outstanding principal amount of Sherritt's 7.875% Senior Unsecured Debentures Series A due November 26, 2012, including the applicable make-whole premium, and the remainder for general corporate purposes.
Sherritt International is a diversified natural resource company engaged in the production of nickel, cobalt, thermal coal, oil, gas and electricity.
Further information can be found on Sherritt's website.