Business
Chemtrade Logistics Income Fund Announces Closing of Over-Allotment Option for Additional Proceeds of $11.25 Million in Connection with Recently Completed Offering of Convertible Debentures
Chemtrade Logistics Income Fund Announces Closing of Over-Allotment Option for Additional ...
About this update from Chemtrade Logistics Income Fund
[{"type":"text","content":"\n\n\n\nChemtrade Logistics Income Fund Announces Closing of Over-Allotment Option for Additional Proceeds of $11.25 Million in Connection with Recently Completed Offering of Convertible Debentures\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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Sept. 1, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n TORONTO, Sept. 1, 2020 /CNW/ - Chemtrade Logistics Income Fund (TSX: CHE.UN) (\"Chemtrade\" or the \"Fund\") announced today that it has completed the issue and sale of an additional $11.25 million aggregate principal amount of 8.50% convertible unsecured subordinated debentures (the \"Debentures\") due September 30, 2025 at a price of $1,000 per Debenture. The Debentures were issued pursuant to the exercise in full of the over-allotment option granted to the syndicate of underwriters, led by BMO Capital Markets, CIBC Capital Markets, National Bank Financial Inc., RBC Capital Markets, Scotiabank, and TD Securities Inc., in connection with Chemtrade's recently completed public offering of $75.0 million aggregate principal amount of Debentures that closed on August 26, 2020. Together with the Debentures issued on August 26, 2020, Chemtrade has issued a total of $86.25 million aggregate principal amount of Debentures. \nOn August 26, 2020, Chemtrade also announced that it will redeem $100.0 million principal amount of its 5.25% convertible unsecured subordinated debentures due June 30, 2021 (the \"2021 Debentures\") on September 29, 2020 in accordance with the terms of the trust indenture, as amended and supplemented by supplemental indentures thereto, pursuant to which they were issued. Chemtrade will use the net proceeds from the issuance of Debentures pursuant to the exercise of the over-allotment option to fund future subsequent redemptions of the 2021 Debentures. \nThe securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requ...