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.

Announces Commencement of Consent Solicitation and Concurrent... ROSEN, LEADING AND LONGSTANDING INVESTOR COUNSEL, Reminds First American... First Assays: 22.01m averaging 7.94 gpt Au at Cabin Lake Gold Project, Yellowknife Gold Project Announces “High-Grade” Drill Results with More to Come, Growing Revenue in The Multibillion Dollar Esports Market with Multiple Verticals and Partnerships, The Newest Player in the Thriving esports Investment Game, Valeant Pharmaceuticals Securities Class Action: A settlement may affect your legal rights, Blue Star Gold Drills 12.5 g/t over 7 Metres at the Flood Zone and 52.7 g/t over 2M at Gnu Zone, TRADING SOON: CSE:PULL Pure Extracts Technologies - A Well-Financed, World-Class, Plant-Based Extraction Company, Analyst Buy Recommendation on this High-Grade Gold Exploration Company with Multiple Properties, With the sharp the rise in phosphate prices, mining at the bottom of the ocean is a remarkable story, Game Changing Battery Metals Co Announces Acquisition to Bring Patented BMS Technology to North & South America, Europe and Africa, One to Watch: Fresh Results from Canadian Miner’s Nunavut Projects, 1st Canadian PubCo to “Complete Legal Harvest of Psilocybe Mushrooms”, Avalon Advanced Materials Seeks ESG Risk Rating, Naturally Splendid Names Sales & Marketing Exec to BOD, StatsCan Report: Cannabis contributed more than $8.6B to Canada's economy in August, RevoluGROUP Announces 3 New Digital FinTech Platforms, Nevada Gold & Copper Miner Discovers Significant Mineralizing System, Gold, Silver, & Copper Royalties - A Promising Investment Opportunity, “Tremendous Untapped Silver Potential” at Historic Idaho Mine, HEXO reports Q4 sales jump; books $89M in impairment charges. In a few weeks, DBRS is expected to release its annual review on Sherritt and its debt. When the proposals were received, Sherritt was required to pay $950 per $1000 face, $890 and $870 respectively. NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. We ask you to keep your comments relevant and respectful. The Corporation’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.

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 www.sedar.com. 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. https://www.sherritt.com/English/Investor-Relations/Balance-Sheet-Initiative-Details/default.aspx, https://www.businesswire.com/news/home/20200717005309/en/, 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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