Sherritt receives consents to buy back 6% convertibles

New York, Dec. 2 - Sherritt International Corp. said it received consents from holders of its 6% convertible unsecured subordinated debentures to an amendment to the indenture that will allow it to buy back the securities at a price greater than par.

The Toronto natural resource company said more than 99% of the votes cast at a meeting of bondbolders were in favor of the change.

Sherritt announced on Oct. 18 that it was offering to buy up to C$100 million of the convertibles at C$1,085 per C$1,000 principal amount plus accrued interest. The tender expires at 5 p.m. ET on Dec. 9.

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