Business
Sherritt Announces Update on Noteholder Support for its Previously Announced CBCA Transaction
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 Update on Noteholder Support for its Previously Announced CBCA Transaction\n\n\n .bwalignc { text-align: center; list-style-position: inside }\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 an update on the level of support received from Noteholders (as defined below) in connection with Sherritt’s 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, as amended, under the\n \n Canada Business Corporations Act\n \n (the “\n \n CBCA Plan\n \n ”). The CBCA Transaction is described in the Corporation’s management information circular dated March 4, 2025 (the “\n \n Circular\n \n ”) and the Corporation’s news release issued on March 4, 2025 (the “\n \n March 4 News Release\n \n ”).\n \n\n As of today at 5:00 p.m., 99.99% of the votes cast by holders (“\n \n Senior Secured Noteholders\n \n ”) of the Corporation’s outstanding 8.50% senior second lien secured notes due November 30, 2026 (the “\n \n Senior Secured Notes\n \n ”), representing in aggregate approximately $185.7 million of the outstanding Senior Secured Notes, and 94.52% of the votes cast by holders (“\n \n Junior Noteholders\n \n ” and together with the Senior Secured Noteholders, “\n \n Noteholders\n \n ”) of the Corporation’s outstanding 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 ”), representing in aggregate approximately $52.8 million of Junior Notes, have been cast in favour of the approval of the CBCA Plan.\n \n\n These interim results do not reflect additional votes that may be cast by Senior Secured Noteholders and Junior Noteholders by the voting deadline of 5:00 p.m. (Toronto time) on April 2, 2025 (the “\n \n Voting Deadline\n \n...