On November 25, 2005, Sherritt International Corp., completed an offering, in Canada only, of $175 million of 7.875 per cent senior unsecured debentures due 2012. The debentures were issued pursuant to a base shelf prospectus dated November 21, 2005, which provides for the issuance, over the next 24 months, of up to $500 million of senior unsecured debentures.
Sherritt, with assets of approximately $2.8 billion, is a diversified Canadian natural resource company. Directly and through its subsidiaries, Sherritt has significant interests in thermal coal production, nickel/cobalt metals production, oil and gas exploration, development and production and power generation. Sherritt also has interests in soy bean-based food processing, tourism and agriculture.
National Bank Financial Inc. acted as lead agent of the offering, with a syndicate that included GMP Securities Ltd., MGI Securities Inc. and Peters & Co. Ltd.
Sherritt was represented by an in-house team that included Samuel Ingram, Q.C., and Abe Rubinfeld, and by Torys LLP with a team that included Geoffrey Creighton, Mike Pickersgill, Adam Delean, Danial Lam and Melissa Ewert (corporate) and John Unger (tax).
The agents were represented by Fraser Milner Casgrain LLP with a team that included John Sabine,
Michael Melanson, Sander Grieve, Meenu Khindri and
Maja Czubernat (securities) and Chris Steeves and
Michele Gouw (tax).
Following the offering, on December 9, 2005, Sherritt qualified for distribution an additional $114,226,000 of senior unsecured debentures in conjunction with an offer to exchange made by Sherritt to the holders of its 9.875 per cent senior unsecured notes due March 31, 2010. The exchange offer closed on December 30, with the assistance of the same legal teams, and was accepted by holders of over $90 million of the senior notes. National Bank Financial acted as registered dealer for the distribution of debentures under the exchange offer.
Sherritt, with assets of approximately $2.8 billion, is a diversified Canadian natural resource company. Directly and through its subsidiaries, Sherritt has significant interests in thermal coal production, nickel/cobalt metals production, oil and gas exploration, development and production and power generation. Sherritt also has interests in soy bean-based food processing, tourism and agriculture.
National Bank Financial Inc. acted as lead agent of the offering, with a syndicate that included GMP Securities Ltd., MGI Securities Inc. and Peters & Co. Ltd.
Sherritt was represented by an in-house team that included Samuel Ingram, Q.C., and Abe Rubinfeld, and by Torys LLP with a team that included Geoffrey Creighton, Mike Pickersgill, Adam Delean, Danial Lam and Melissa Ewert (corporate) and John Unger (tax).
The agents were represented by Fraser Milner Casgrain LLP with a team that included John Sabine,
Michael Melanson, Sander Grieve, Meenu Khindri and
Maja Czubernat (securities) and Chris Steeves and
Michele Gouw (tax).
Following the offering, on December 9, 2005, Sherritt qualified for distribution an additional $114,226,000 of senior unsecured debentures in conjunction with an offer to exchange made by Sherritt to the holders of its 9.875 per cent senior unsecured notes due March 31, 2010. The exchange offer closed on December 30, with the assistance of the same legal teams, and was accepted by holders of over $90 million of the senior notes. National Bank Financial acted as registered dealer for the distribution of debentures under the exchange offer.
