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TORONTO, Aug. 19,
2024 /CNW/ - Chemtrade Logistics Income Fund (TSX:
CHE.UN) ("Chemtrade" or the "Fund") announced today
that it will redeem on September 18,
2024 (the "Redemption Date") all of its remaining
8.50% convertible unsecured subordinated debentures due
September 30, 2025 (the "2025
Debentures") in accordance with the terms of the trust
indenture, as amended and supplemented by supplemental indentures
thereto (collectively, the "Indenture"), pursuant to which
they were issued (the "Redemption").
On the Redemption Date, holders of the 2025 Debentures will
receive approximately $1,039.7131148
for each $1,000 principal amount of
2025 Debentures, representing their par value, plus all accrued and
unpaid interest thereon to but excluding the Redemption Date. The
2025 Debentures that are redeemed in connection with the Redemption
will cease to bear interest from and after the Redemption Date.
Formal notice of redemption is being delivered to the holders of
the 2025 Debentures today in accordance with the terms of the
Indenture. The aggregate principal amount of 2025 Debentures
outstanding as of the date hereof is $57,115,000.
Chemtrade will use cash on hand, or a combination of cash on
hand and draws on its credit facilities, to fund the
Redemption.
About Chemtrade
Chemtrade operates a diversified business providing industrial
chemicals and services to customers in North America and around the world. Chemtrade
is one of North America's largest
suppliers of sulphuric acid, spent acid processing services,
inorganic coagulants for water treatment, sodium chlorate, sodium
nitrite and sodium hydrosulphite. Chemtrade is also the largest
producer of high purity sulphuric acid for the semiconductor
industry in North America.
Chemtrade is a leading regional supplier of sulphur, chlor-alkali
products, and zinc oxide. Additionally, Chemtrade provides
industrial services such as processing by-products and waste
streams.
Caution Regarding Forward-Looking Statements
Certain statements contained in this news release constitute
forward-looking statements within the meaning of certain securities
laws, including the Securities Act (Ontario). Forward-looking statements can be
generally identified by the use of words such as "anticipate",
"continue", "estimate", "expect", "expected", "intend", "may",
"will", "project", "plan", "should", "believe" and similar
expressions. Specifically, forward-looking statements in this news
release include statements respecting certain future expectations
about the Fund's intention to redeem the 2025 Debentures and the
expected sources of funding with respect thereto.
Forward-looking statements in this news release describe the
expectations of the Fund and its subsidiaries as of the date
hereof. These statements are based on assumptions and involve known
and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements for a variety of
reasons, including without limitation the risks and uncertainties
detailed under the Risk Factors" section of the Fund's latest
Annual Information Form and the "Risks and Uncertainties" section
of the Fund's most recent Management's Discussion &
Analysis.
Although the Fund believes the expectations reflected in these
forward-looking statements and the assumptions upon which they are
based are reasonable, no assurance can be given that actual results
will be consistent with such forward-looking statements, and they
should not be unduly relied upon. With respect to the
forward-looking statements contained in this news release, the Fund
has made assumptions regarding: the timing and completion of the
Redemption; there being no significant disruptions affecting the
operations of the Fund and its subsidiaries; the timely receipt of
required regulatory approvals; and global economic performance.
Except as required by law, the Fund does not undertake to update
or revise any forward-looking statements, whether as a result of
new information, future events or for any other reason. The
forward-looking statements contained herein are expressly qualified
in their entirety by this cautionary statement.
Further information can be found in the disclosure documents
filed by Chemtrade Logistics Income Fund with the securities
regulatory authorities, available at www.sedarplus.ca.
SOURCE Chemtrade Logistics Income Fund
