Chemtrade Logistics to redeem 5.75% convertibles due 2018 on May 11

By Wendy Van Sickle

Columbus, Ohio, April 11 – Chemtrade Logistics Income Fund will redeem its C$79,637,000 of 5.75% convertible unsecured subordinated debentures due Dec. 31, 2018 on May 11, according to a press release.

The convertibles will be redeemed at par plus C$20.63699 per C$1,000 principal amount to, but excluding, the redemption date.

The company will use some proceeds of an offering of C$175 million of 4.75% convertible unsecured debentures to partially fund the redemption. The offering is expected to close on May 2.

Chemtrade Logistics is a Calgary, Alta., supplier of industrial chemicals and services.

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