Cdn. Yield: Corps, Trusts, GICs, Pref. Shares - Chemtrade Logistics Income Fund Announces $75 Million Offering - Cdn. Yield: Corps, Trusts, GICs, Pref. Shares - InvestorVillage


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Msg  112097 of 112289  at  8/15/2022 4:58:00 PM  by

badnewstuna


Chemtrade Logistics Income Fund Announces $75 Million Offering

Closed the day at $9.03
Offering priced at $8.65
 
 
 
TORONTO, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Chemtrade Logistics Income Fund (“Chemtrade” or the “Fund”) (TSX: CHE.UN) announced today that it has entered into an agreement to sell to a syndicate of underwriters led by BMO Capital Markets and RBC Capital Markets (collectively, the “Underwriters”), on a bought deal basis, 8,700,000 trust units (the “Trust Units”), at a price of $8.65 per Trust Unit (the “Offering Price”) for gross proceeds of approximately $75.3 million (the “Offering”). The Fund has also granted the Underwriters the option to purchase up to $11.3 million of additional Trust Units at the Offering Price to cover over-allotments, exercisable in whole or in part any time up to 30 days following closing of the Offering.

The net proceeds from the Offering are intended to be used to partially finance Chemtrade’s previously announced ultrapure sulphuric acid growth projects to expand capacity at its existing Ohio plant and to build a new plant in Arizona. Pending any such use, the net proceeds from the Offering will temporarily be used to reduce indebtedness under the Fund’s existing credit agreement. Chemtrade believes that additional capacity for ultrapure sulphuric acid is required to support the fast-growing semiconductor industry in the United States.

The completion of the Offering is subject to normal regulatory approvals, including approval of the Toronto Stock Exchange, and is expected to close on or about August 22, 2022.

The Trust Units will be offered in all of the provinces and territories of Canada by way of a shelf prospectus supplement to the short form base shelf prospectus of the Fund dated August 15, 2022 and may also be offered to qualified institutional buyers pursuant to Rule 144A in the United States.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.


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