Not for distribution to U.S. news wire services or dissemination in the United States.
Chemtrade Logistics Income Fund (TSX: CHE.UN) ("Chemtrade" or the "Fund") announced today that it has completed the early partial redemption of $100.0 million of its 5.25% convertible unsecured subordinated debentures due June 30, 2021 (the "2021 Debentures") on September 29, 2020. As previously announced, the Fund will redeem a further $12.5 million principal amount of its 2021 Debentures on October 5, 2020 (the "October Redemption"). Following completion of this redemption and the October Redemption on October 5, 2020, $14.0 million aggregate principal amount of the 2021 Debentures will remain outstanding.
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, sodium hydrosulphite, and phosphorus pentasulphide. Chemtrade is a leading regional supplier of sulphur, chlor-alkali products, liquid sulphur dioxide, potassium chloride, 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 may constitute forward-looking information within the meaning of certain securities laws, including the Securities Act (Ontario). Forward-looking information 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 information in this news release include statements with respect to the October Redemption, including expected timing of the redemption of 2021 Debentures in connection therewith. 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 partial redemption of the 2021 Debentures; there being no significant disruptions affecting the operations of the Fund and its subsidiaries, whether due to labour disruptions, supply disruptions, power disruptions, transportation disruptions, damage to equipment or otherwise; 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 information contained herein are expressly qualified in their entirety by this cautionary statement.
Further information can be found in the disclosure documents filed by the Fund with the securities regulatory authorities, available at www.sedar.com.
President & Chief Executive Officer
Tel: (416) 496-4176
Vice-President, Finance & Chief Financial Officer
Tel: (416) 496-4177