Business
Chemtrade Logistics Income Fund completes $110 million public offering of convertible debentures bought deal
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES ./...
About this update from Chemtrade Logistics Income Fund
[{"type":"text","content":"\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n\n\n\nTORONTO, June 10, 2014 /CNW/ - Chemtrade Logistics Income Fund (TSX: CHE.UN) (\"Chemtrade\" or the \"Fund\") announced today that it has completed its previously-announced public offering of $110 million principal amount of 5.25% convertible unsecured subordinated debentures (the \"Debentures\") due June 30, 2021. The Debentures are convertible, at the option of the holder, into trust units of Chemtrade at a conversion price of $28.00 per unit. The Debentures were sold to a syndicate of underwriters led by BMO Capital Markets and Scotiabank on a bought deal basis. In addition, Chemtrade has also granted the underwriters an over-allotment option to purchase up to an additional $16.5 million aggregate principal amount of Debentures at the same price, exercising in whole or in part at any time for a period of 30 days following closing of the offering. \n\nChemtrade will use the net proceeds of the offering to repay existing indebtedness under its credit facility. \n\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 requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.\n\nAbout Chemtrade\n\nChemtrade operates a diversified business providing industrial chemicals and services to customers in North America and around the world. Chemtrade is one of North America's largest suppliers of sulphuric acid, coagulants for water treatment, liquid sulphur dioxide, sodium nitrite and sodium hydrosulphite.  Chemtrade is a leading processor of spent acid as well as a leading regional supplier of sulphur, sodium chlorate, phosphorus pentasulphide, and zinc oxide. Additionally, Chemtrade provides industrial services such as processing hydrogen sulphide and other by-products and waste streams.\n\nCaution Regarding Forward-Looking Statements \n\nCertain statement...