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Chemtrade Logistics details redemption of 4.75% convertibles due 2024
By Mary-Katherine Stinson
Lexington, Ky., March 10 – Chemtrade Logistics Income Fund detailed its previously announced partial redemption of C$100 million of its outstanding 4.75% convertible subordinated debentures due May 31, 2024, according to a press release.
The convertibles will be redeemed on May 4 at par plus accrued and unpaid interest up to, but excluding, the redemption date.
Holders will receive C$1,020.1712 for each C$1,000 principal amount of 2024 debentures redeemed, representing their par value plus accrued interest.
As of March 10, the aggregate principal amount outstanding was C$201,115,000.
Following the partial redemption, C$101,115,000 are expected to remain outstanding.
The company previously announced it intended to redeem the debentures no later than 60 days after the closing of a C$100 million bought deal of 7% convertible subordinated debentures due 2028. The net proceeds of that offering, plus cash on hand, will be used to fund the redemption.
Chemtrade Logistics Income Fund is a Calgary, Alta., supplier of industrial chemicals and services.
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