Newspaper article The Canadian Press

Sherritt Seeks 3-Yr Extension on $720 Million in Debt to Weather Downturn

Newspaper article The Canadian Press

Sherritt Seeks 3-Yr Extension on $720 Million in Debt to Weather Downturn

Article excerpt

Sherritt seeks 3-yr extension on debt maturity

--

TORONTO - Sherritt International is asking note holders for a three-year extension on the repayment of $720 million in unsecured debt.

The Toronto-based mining company (TSX:S) says it now wants three groups of notes to mature in 2021, 2023 and 2025.

It currently faces a 2018 maturity for $220 million of notes, followed by $250 million in 2023 and $250 million in 2025.

Sherritt says a three-year delay would treat all noteholders fairly and provide greater financial stability as it weathers a period of weak commodity prices.

Sherritt says it has received support for the extension from noteholders representing 44 per cent of the total value of the outstanding notes but will require further approvals for the plan to be executed. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.