Sherritt sets redemption price for 7 7/8% debentures at C$1,058.43

By Ashley Montgomery

Kansas City, Kan., Nov. 2 - Sherritt International Corp. said it the redemption price for its C$274 million principal amount of 7 7/8% series A senior unsecured debentures due Nov. 26, 2012 will be C$1,058.43 per C$1,000 principal amount.

As previously announced, the bonds will be redeemed Dec. 2 using the make-whole provision.

In addition to the redemption price, debenture holders will also receive C$1.29 in accrued interest and be paid semi-annual interest on Nov. 26.

The company said it would use the C$392 million in proceeds from its $400 million offering of 8% series A senior unsecured debentures due Nov. 15 2018 to fund the redemption.

Sherritt is a Toronto-based miner and refiner of natural resources.

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