Chemtrade Logistics Income Fund completes C$70 million bought deal equity offering
On March 10, 2021, Chemtrade Logistics Income Fund ("Chemtrade") announced that it completed its previously-announced public offering of 9,800,000 trust units at a price of C$7.15 per trust unit for gross proceeds of approximately C$70 million.
The trust units were sold on a bought deal basis to a syndicate of underwriters led by BMO Capital Markets, CIBC Capital Markets, National Bank Financial Inc., RBC Capital Markets, Scotiabank and TD Securities Inc., and including Desjardins Securities Inc. and Raymond James Ltd.
Chemtrade intends to use the net proceeds from the offering to repay outstanding indebtedness under the fund's existing credit facility and for general trust purposes. Chemtrade expects to draw on the credit facility in connection with future organic growth opportunities, particularly in ultra-pure sulphuric acid and water chemical products and the monetization of by-product hydrogen in the electrochemicals segment.
Further information can be found on Canada Newswire’s website.
Chemtrade operates a diversified business providing industrial chemicals and services to customers in ;North America ;and around the world. It is one of ;North America's ;largest suppliers of sulphuric acid, spent acid processing services, inorganic coagulants for water treatment, sodium chlorate, sodium nitrite, sodium hydrosulphite, and phosphorus pentasulphide.