/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TORONTO, Aug. 23, 2017 /CNW/ - Chemtrade Logistics Income Fund (TSX:CHE.UN) ("Chemtrade" or the "Fund") announced today the expiration of its previously announced offers to purchase (i) all of the outstanding 6.00% Convertible Unsecured Subordinated Series V Debentures due December 31, 2020 of Chemtrade Electrochem Inc. (formerly Canexus Corporation) (the "CEI Series V Debentures") (such offer, the "Series V Offer"), and (ii) all of the outstanding 6.50% Convertible Unsecured Subordinated Series VI Debentures due December 31, 2021 of Chemtrade Electrochem Inc. (the "CEI Series VI Debentures" and together with the CEI Series V Debentures, the "CEI Debentures") (such offer, the "Series VI Offer" and together with the Series V Offer, the "Offers"). Each of the Series V Offer and the Series VI Offer expired at 5:00 p.m. (Eastern Time) on August 23, 2017.
The Offers were conditioned upon the satisfaction of certain conditions, including that a minimum of at least 25% of the principal amount of each respective series of CEI Debentures were validly tendered to its corresponding Offer and not withdrawn.
The final report provided by the depositary at the expiration of the Offers indicated that an aggregate principal amount of $19,475,000 CEI Series V Debentures had been tendered to the Series V Offer and an aggregate principal amount of $12,576,000 CEI Series VI Debentures had been tendered to the Series VI Offer. Accordingly, as the conditions to the Offers had not been satisfied as of the expiration time of the Offers, Chemtrade will not accept any tendered CEI Debentures for payment. All CEI Debentures tendered pursuant to the Offers will be returned to the tendering debentureholder promptly by the depositary.
About Chemtrade Electrochem
Chemtrade Electrochem Inc. is an indirect wholly-owned subsidiary of Chemtrade that produces sodium chlorate and chlor-alkali products largely for the pulp and paper and water treatment industries.
Chemtrade operates a diversified business providing industrial chemicals and services to customers in North America and around the world. Chemtrade is one of North America's largest suppliers of sulphuric acid, spent acid processing services, inorganic coagulants for water treatment, sodium chlorate, sodium nitrite, sodium hydrosulphite and phosphorus pentasulphide. Chemtrade is a leading regional supplier of sulphur, chlor-alkali products, liquid sulphur dioxide, potassium chloride, and zinc oxide. Additionally, Chemtrade provides industrial services such as processing by-products and waste streams.
SOURCE Chemtrade Logistics Income Fund