Sherritt to redeem some Luscar notes with new deal proceeds

New York, Nov. 21 - Sherritt International Corp. said it plans to redeem part of its 50% share of the $275 million of 9¾% senior notes due Oct. 15, 2011 outstanding at its coal business, Luscar Coal.

Remaining proceeds form the new note offering will be used for general corporate purposes.

Sherritt, a Toronto-based resource company, announced Monday it had priced a C$175 million sale of 7 7/8% notes due Nov. 26, 2012.

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