Chemtrade Logistics Income Fund completes US$166.75 million acquisition of Peak Sulfur and Peak Chemical, C$360 million credit facility and C$155 million offering of units

Torys acted as counsel to the underwriters of the equity offering with a team that included Jamie Scarlett, Michael Pickersgill, Michelle Campbell and Aaron Emes (corporate), Corrado Cardarelli, Ron Nobrega and Shiyamala Devan-Ramdas (tax), Len Griffiths (environmental) and Jim C. Tory (litigation). Torys' New York team included James Guadiana and Pamela Petree (tax), Jeff Gracer (environmental) and Mark Adkins (corporate).

On August 2, 2005, Chemtrade Logistics Income Fund purchased Peak Sulfur, Inc. and Peak Chemical, L.L.C. for US$166.75 million. Contemporaneously with the acquisition, Chemtrade entered into new credit facilities with the Toronto-Dominion Bank and the Bank of Nova Scotia (and certain U.S. affiliates of such banks) for C$360 million.

On August 17, 2005, Chemtrade completed an equity offering of 9,968,000 units at a price of C$15.55 per unit for gross proceeds of approximately C$155 million. The offering was undertaken on a bought deal basis. The offering was co-led by TD Securities Inc. and Scotia Capital Inc. with an underwriting syndicate of BMO Nesbitt Burns, CIBC World Markets, Westwind Partners, Canaccord Capital and MGI Securities. The net proceeds of the offering were applied to repay the C$150 million bridge loan drawn under the new credit facilities to fund a portion of the purchase price for Peak.