Sherritt International Completes Exchange Offer

On December 3, 2003, Sherritt International Corp. completed an exchange offer issuer bid for $300 million of its existing $600 million of convertible debentures, in exchange for new debentures with enhanced terms and an extended maturity. The existing debentures were issued in 1996 in an oversubscribed offering. The recent exchange offer was driven by Sherritt International’s conclusion that the exchange would give it substantial financial and investment flexibility to pursue growth opportunities.

Sherritt International was represented in-house by Samuel Ingram, Q.C., senior vice-president, general counsel; and Abe Rubinfeld, senior corporate counsel; and by Torys LLP, with a team that included Geoff Creighton, Patrice Walch-Watson and Amanda Roelofsen (corporate), John Unger (tax) and Alison Lacy (banking).