By Paul A. Harris
St. Louis, Nov. 21 - Sherritt International Corp. has priced a C$175 million issue of 7 7/8% seven-year senior unsecured debentures, the company said in a news release Monday.
Proceeds will be used to reduce its 50% share of the US$275 million 9¾% senior unsecured notes due Oct. 15, 2011 in the company's coal business, and for general corporate purposes.
The bonds were priced off of a shelf registration that permits Sherritt to sell C$500 million of senior unsecured debentures over a two-year period.
The issuer is a Toronto-based diversified resource company involved in the production of thermal coal, nickel, cobalt, oil and electricity.
| Issuer: | Sherritt International Corp.
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| Amount: | C$175 million
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| Maturity: | Nov. 26, 2012
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| Security description: | Senior unsecured debentures
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| Coupon: | 7 7/8%
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