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Chemtrade Logistics Income Fund Completes $70 Million Bought Deal Equity Offering
Chemtrade Logistics Income Fund Completes $70 Million Bought Deal Equity Offering ...
About this update from Chemtrade Logistics Income Fund
[{"type":"text","content":"\n \n \n \n Chemtrade Logistics Income Fund Completes $70 Million Bought Deal Equity Offering\n \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 Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n TORONTO\n \n ,\n \n March 10, 2021\n \n /CNW/ - Chemtrade Logistics Income Fund (TSX: CHE.UN) (\"\n \n Chemtrade\n \n \" or the \"\n \n Fund\n \n \") announced today that it has completed its previously-announced public offering of 9,800,000 trust units (the \"\n \n Trust Units\n \n \") at a price of\n \n $7.15\n \n per Trust Unit (the \"\n \n Offering Price\n \n \") for gross proceeds of approximately\n \n $70 million\n \n (the \"\n \n Offering\n \n \"). The Trust Units were sold 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. (collectively, the \"\n \n Underwriters\n \n \") on a bought deal basis. In addition, Chemtrade has granted the Underwriters an over-allotment option to purchase up to\n \n $10.5 million\n \n of additional Trust Units at the Offering Price, which can be exercised in whole or in part at any time for a period of 30 days following the closing of the Offering.\n \n \n 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. The Fund expects to draw on its 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.\n \n \n This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any offer, solicitation or sale of the securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.\n \n \n \n About Chemtrade\n \n \n \n Chemtrade operates a diversified business...