Transaction|September 24, 2012
Sherritt International completes C$500 million offering of senior unsecured debentures
Torys acted as counsel to Sherritt International with a team that included Michael Pickersgill, Robbie Leibel, Kevin Morris, Alison Lacy, Adam Delean and John Unger.
On September 24, 2012, Sherritt International Corporation (TSX:S) (Sherritt) completed its offering of C$500 million principal amount of 7.5% Senior Unsecured Debentures Series 2 due September 24, 2020, pursuant to a prospectus supplement dated September 19, 2012 to Sherritt's short form base shelf prospectus dated August 24, 2012.
The net proceeds of approximately C$490 million (after agents' fees but before deduction of expenses) will be used to fund the redemption of all of the C$225 million outstanding principal amount of Sherritt's 8.25% Senior Unsecured Debentures Series B due October 24, 2014, including the applicable make-whole premium, and the remainder for general corporate purposes.
Sherritt International in 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 net proceeds of approximately C$490 million (after agents' fees but before deduction of expenses) will be used to fund the redemption of all of the C$225 million outstanding principal amount of Sherritt's 8.25% Senior Unsecured Debentures Series B due October 24, 2014, including the applicable make-whole premium, and the remainder for general corporate purposes.
Sherritt International in 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.