Sherritt to redeem C$225 million 8¼% debentures with note proceeds

By Ashley Montgomery

Kansas City, Kan., Sept. 19 - Sherritt International Corp. plans to use the proceeds from its offering of senior debentures to redeem all of its C$225 million 8¼% series B senior debentures due Oct. 24, 2014, according to a company news release.

The redemption will be made at par plus the make-whole amount.

The debentures will be issued in the amount of C$500 million, will bear interest at 7½% and will mature Sept. 24, 2020.

Proceeds may also be used for general corporate purposes.

Toronto-based Sherritt International produces coal and mines and refines nickel.

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