Business
Sherritt Announces Transactions to Extend Debt Maturities and Strengthen its Capital Structure
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES...
About this update from Sherritt International Corporation
[{"type":"text","content":"Sherritt Announces Transactions to Extend Debt Maturities and Strengthen its Capital Structure\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwlistcircle { list-style-type: circle }\n.bwlistdisc { list-style-type: disc }\n.bwlistsquare { list-style-type: square }\n.bwpadl0 { padding-left: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwvertalignt { vertical-align: top }\n.bwwidth100 { width: 100% }\n.bwwidth18 { width: 18% }\n.bwwidth82 { width: 82% }\n \n\n\n\n\n NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES 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 a proposed transaction (the “\n \n CBCA Transaction\n \n ”) to extend the maturities of the Corporation’s notes obligations and strengthen the Corporation’s capital structure.\n \n\n The CBCA Transaction, described in further detail below, will extend the maturities of the Corporation’s notes obligations to November 2031, subject to certain conditions, and reduce Sherritt’s total outstanding notes obligations by up to approximately $32 million by exchanging Sherritt’s existing notes obligations, comprised of (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 ”), for amended 9.25% senior second lien secured notes due November 30, 2031 (the “\n \n Amended Senior Secured Notes\n \n ”) and certain early consent consideration. The CBCA Transaction will be implemented through a corporate plan of arrangement (the “\n \n CBCA Plan\n \n ”) in the proceedings (the “\n \n CBCA Proceedings\n \n ”) commenced today by Sherritt and its subsidiary, 16743714 Canada Inc. (collectively, the “\n \n Applicants\n \n ”), under the\n \n ...