Sherritt holders convert all 7% debentures ahead of redemption

By Jennifer Chiou

New York, Dec. 19 - Sherritt International Corp. announced that holders of all of its remaining 7% convertible unsecured subordinated debentures due Dec. 15, 2013 converted their securities ahead of redemption.

In result, the company issued 243,852 common shares.

The Toronto coal producer said that holders had until Dec. 19 to convert their debentures.

Since the redemption was announced on Nov. 15 by the company, 19,969,711 shares have been issued as a result of conversion.

On Nov. 15, Sherritt also announced a substantial issuer bid to buy back up to 7.5 million shares at a price of $11.65 per share. The offer ends on Dec. 22.

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