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Chemtrade Logistics Income Fund Completes $75 Million Public Offering of Convertible Debentures Bought Deal and Announces Partial Redemption of 5.25% Convertible Unsecured Subordinated Debentures
Chemtrade Logistics Income Fund Completes $75 Million Public Offering of Convertible Deben...
About this update from Chemtrade Logistics Income Fund
[{"type":"text","content":"\n\n\n\nChemtrade Logistics Income Fund Completes $75 Million Public Offering of Convertible Debentures Bought Deal and Announces Partial Redemption of 5.25% Convertible Unsecured Subordinated 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Aug. 26, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n TORONTO, Aug. 26, 2020 /CNW/ - Chemtrade Logistics Income Fund (TSX: CHE.UN) (\"Chemtrade\" or the \"Fund\") announced today that it has completed its previously-announced public offering (the \"Offering\") of $75 million principal amount of 8.50% convertible unsecured subordinated debentures (the \"Debentures\") due September 30, 2025. The Debentures are convertible, at the option of the holder, into trust units of Chemtrade at a conversion price of $7.35 per unit. The Debentures 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. on a bought deal basis. In addition, Chemtrade has granted the underwriters an over-allotment option to purchase up to an additional $11.25 million aggregate principal amount of Debentures at the same 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.\nChemtrade also announced today that it will redeem on September 29, 2020 (the \"Redemption Date\") $100.0 million principal amount of its 5.25% convertible unsecured subordinated debentures due June 30, 2021 (the \"2021 Debentures\") in accordance with the terms of the trust indenture, as amended and supplemented by supplemental indentures thereto (collectively, the \"Indenture\"), pursuant to which they were issued. On the Redemption Date, holders of 2021 Debentures will receive approximately $1,013.0532 for each $1,000 principal amount of 2021 Debentures, being equal to $1,000, plus all accrued and unpaid interest thereon to but excluding the Redemption Date. The 2021 Debentur...