sherritt 2023 bonds

But nothing is for free: to get those interest savings, Sherritt issued equity, specifically units with each $1.40 unit consisting of a common share plus a warrant linked to the price of cobalt. The Canadian miner, which has significant assets in Cuba, is offering to buy back as much as C$588 million ($443 million) of its debt at a big discount to face value.

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Readers are cautioned that the foregoing list of factors is not exhaustive and should be considered in conjunction with the risk factors described in this news release and in the Corporation’s other documents filed with the Canadian securities authorities, including without limitation the Management’s Discussion and Analysis of the Corporation for the year ended December 31, 2019, the Management’s Discussion and Analysis of the Corporation for the three months ended March 31, 2020, and the Annual Information Form of the Corporation dated March 19, 2020 for the period ending December 31, 2019, which are available on SEDAR at What’s interesting is the context of the two financings: two days before results of the buy-back were announced, Sherritt released its 2017 MD&A.

(The review was presumably held up by Sherritt’s financing package.)

By their nature, forward looking statements require the Corporation to make assumptions and are subject to inherent risks and uncertainties. Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S) announced today that it has amended certain terms of its previously announced transaction to improve its capital structure described in the Corporation’s management information circular dated March 6, 2020 (the “Information Circular”), together with certain amendments to the transaction described in Sherritt’s news releases issued on June 10, 2020 and June 29, 2020 (collectively, the “Transaction”).

The buy-back continued recent moves to reduce its debt load, including reducing its stake to 12 per cent from 40 per cent in the Madagascar Ambatovy Joint Venture project. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments.

Sherritt's debt reduction plan will offer a 50% haircut on bonds - Video - BNN This advertisement has not loaded yet, but your article continues below. The Corporation may, from time to time, make oral forward-looking statements. TORONTO--(BUSINESS WIRE)-- Sherritt International Corporation (SHERF) reminds holders (the ?Noteholders?) Sherritt Offers 50% Haircut for Bonds in Out-of-Court Recovery Back to video The bondholders would get new second-lien notes with an 8.5% coupon. Sherritt is a world leader in the mining and refining of nickel and cobalt from lateritic ores with projects, operations and investments in Canada, Cuba and Madagascar. In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post. Sherritt Offers 50% Haircut for Bonds in Out-of-Court Recovery, tap here to see other videos from our team.

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“The transaction treats all three series of Sherritt’s existing notes equally, provides noteholders with security over Sherritt’s material assets, and will put Sherritt in a better position to increase the overall value of its business to be in a position to repay in full the new second lien notes.”. Comments may take up to an hour for moderation before appearing on the site. He also looks at how coronavirus and rail blockades factor into risks for company operations. Forward-looking statements can generally be identified by the use of statements that include such words as “believe”, “expect”, “anticipate”, “intend”, “plan”, “forecast”, “likely”, “may”, “will”, “could”, “should”, “suspect”, “outlook”, “projected”, “continue” or other similar words or phrases. Visit our Community Guidelines for more information and details on how to adjust your email settings. For more than a decade, Sherritt has fought to reduce its debt, selling all of its coal assets in 2013 as commodity prices languished.,, Stockhouse @ the Bell: Markets see relief rally on US election day, Stockhouse @ the Bell: Markets kick-start week on a high note, Drive Shack Announces Third Quarter 2020 Results.

Sherritt believes that the Transaction and the Amended CFA Terms are in the best interests of the Corporation and its stakeholders considering all current circumstances.

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