Sherritt International plans to sell C$300 million eight-year notes

By Paul A. Harris

Portland, Ore., Sept. 30 – Sherritt International Corp. announced in a Tuesday press release that it plans to sell up to C$300 million of eight-year senior notes.

The deal is coming in the form of a private placement and will be led by joint bookrunners National Bank Financial Inc. and Scotiabank, according to a market source.

Timing has not been announced, but the notes offering should hit the market sooner rather than later, the source added.

The Toronto-based company plans to use the proceeds to redeem its 7¾% senior unsecured debentures due Oct. 15, 2015, which are part of a tender offer that expired Monday.

Sherritt is a miner and refiner of nickel from lateritic ores with projects and operations in Canada, Cuba and Madagascar.

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