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Chemtrade Logistics Income Fund
Symbol CHE
Shares Issued 92,596,006
Close 2019-09-30 C$ 11.18
Recent Sedar Documents

Chemtrade completes $100-million debenture offering

2019-10-01 11:05 ET - News Release

Mr. Mark Davis reports

CHEMTRADE LOGISTICS INCOME FUND COMPLETES $100 MILLION PUBLIC OFFERING OF CONVERTIBLE DEBENTURES BOUGHT DEAL

Chemtrade Logistics Income Fund has completed its previously announced public offering of $100-million principal amount of 6.50-per-cent convertible unsecured subordinated debentures due Oct. 31, 2026. The debentures are convertible, at the option of the holder, into trust units of Chemtrade at a conversion price of $15.80 per unit. The debentures were sold to a syndicate of underwriters led by BMO Capital Markets on a bought deal basis. In addition, Chemtrade has granted the underwriters an overallotment option to purchase up to an additional $15-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.

Chemtrade will use the net proceeds of the offering to pay down senior debt under the fund's existing credit agreement with the intention of drawing on it to redeem all of the outstanding Chemtrade Electrochem 6.50-per-cent convertible unsecured Series VI debentures due Dec. 31, 2021, and for general trust purposes.

About Chemtrade Logistics Income Fund

Chemtrade operates a diversified business providing industrial chemicals and services to customers in North America and around the world. Chemtrade is one of North America's largest suppliers of sulphuric acid, spent acid processing services, inorganic coagulants for water treatment, sodium chlorate, sodium nitrite, sodium hydrosulphite and phosphorus pentasulphide.

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