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Sherritt Announces Amendment to its Previously Announced CBCA Transaction and Extension to Early Consent Deadline
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED ST...
About this update from Sherritt International Corporation
[{"type":"text","content":"Sherritt Announces Amendment to its Previously Announced CBCA Transaction and Extension to Early Consent Deadline\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwpadl0 { padding-left: 0px }\n.bwpadl1 { padding-left: 5px }\n.bwtablemarginb { margin-bottom: 10px }\n.bwuline { text-decoration: underline }\n.bwvertalignt { vertical-align: top }\n \n\n\n\n\n NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES\n \n\n OR FOR DISSEMINATION IN THE UNITED STATES\n \n\n\n\n\n Sherritt International Corporation (“\n \n Sherritt\n \n ” or the “\n \n Corporation\n \n ”) (TSX:S) announced today that it has made an amendment to its previously announced transaction to extend the maturities of the Corporation’s note obligations and strengthen the Corporation’s capital structure (the “\n \n CBCA Transaction\n \n ”) to be implemented pursuant to a corporate plan of arrangement (the “\n \n CBCA Plan\n \n ”) under the\n \n Canada Business Corporations Act\n \n , following discussions with certain holders of the Corporation’s Existing Notes (as defined below) that entered into confidentiality agreements with the Corporation. Sherritt has amended the CBCA Transaction to increase the Junior Notes Exchange Ratio (as defined in the Corporation’s management information circular dated March 4, 2025 (the “\n \n Circular\n \n ”)) under the CBCA Plan from 0.50 to 0.60 (the\n \n “CBCA Transaction Amendment\n \n ”).\n \n\n The CBCA Transaction is described in the Circular and the Corporation’s news release issued on March 4, 2025 (the “\n \n March 4 News Release\n \n ”).\n \n\n Sherritt is also extending the early consent deadline (the “\n \n Early Consent Deadline\n \n ”) by which holders of the Corporation’s outstanding\n \n\n (i) 8.50% senior second lien secured notes due November 30, 2026 (the “\n \n Senior Secured Notes\n \n ”); and (ii) 10.75% unsecured PIK option notes due August 31, 2029 (the “\n \n Junior Notes\n \n ”, and together with the Senior Secured Notes, the “\n \n Existing Notes\n \n  ...