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Chemtrade announces closing of the Canexus acquisition
Chemtrade announces closing of the Canexus acquisition Canada NewsWire TORONTO, ...
About this update from Chemtrade Logistics Income Fund
[{"type":"text","content":"\n\n\n\nChemtrade announces closing of the Canexus acquisition\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 10, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n\n(Note: All dollar amounts Canadian dollars unless otherwise noted)\n\n\n\nTORONTO, March 10, 2017 /CNW/ - Chemtrade Logistics Income Fund (TSX: CHE.UN) (\"Chemtrade\" or the \"Fund\") announced today that it has completed its previously-announced acquisition (the \"Transaction\") of all of the issued and outstanding common shares of Canexus Corporation (\"Canexus\") by way of a court-approved plan of arrangement. \n\n\"We are very pleased to have completed this important acquisition and welcome all of our new employees. The Canexus businesses are an excellent strategic fit with Chemtrade's existing operations, adding significant size, scale and diversity to our product and service platform,\" said Chemtrade President and Chief Executive Officer, Mark Davis. \"We are now one of the largest sodium chlorate suppliers in North America and have diversified our product portfolio with the addition of chlor-alkali products.  In addition, our geographic reach and diversity is enhanced with operations in Brazil.\"\n\nThe all-cash Transaction was financed by a combination of: (i) US$1.05 billion syndicated senior secured credit facilities consisting of a US$325 million term loan and a US$725 million revolver with a US$200 million optional accordion (the \"Credit Facilities\"); and (ii) the net proceeds of an offering of 21.8 million subscription receipts (the \"Subscription Receipts\") that was completed on January 27, 2017 and raised aggregate gross proceeds of approximately $400 million (the \"Offering\"). In connection with the Transaction, a portion of Chemtrade's new Credit Facilities were used to repay its existing Credit Facilities.  As a result of the Transaction, approximately US$492 million and C$28 million is outstanding under Chemtrade's Credit Facilities, excluding amounts ...