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CALGARY, May 15, 2017 /CNW/ - Chemtrade Electrochem Inc. (formerly Canexus Corporation) ("Chemtrade Electrochem") and Chemtrade Logistics Income Fund (TSX: CHE.UN) ("Chemtrade") announced today that Chemtrade Electrochem has redeemed $14,112,000 aggregate principal amount of its 5.75% Convertible Unsecured Subordinated Series IV Debentures due December 31, 2018 (the "5.75% Debentures"), representing a redemption in full of all of the outstanding 5.75% Debentures following the acquisition of 5.75% Debentures on May 10, 2017 pursuant to its previously announced change of control offers. The outstanding 5.75% Debentures were redeemed today (the "Redemption Date") at a total redemption price of $1,021.267123 for each $1,000 principal amount of 5.75% Debentures, being equal to the aggregate of (i) $1,000 and (ii) all accrued and unpaid interest thereon to but excluding the Redemption Date, for a total aggregate redemption price of $14,412,121.64.
As previously announced, the 5.75% Debentures were delisted at the close of trading today along with Chemtrade Electrochem's 6.00% Convertible Unsecured Subordinated Series V Debentures due December 31, 2020 and 6.50% Convertible Unsecured Subordinated Series VI Debentures due December 31, 2021.
About Chemtrade Electrochem
Chemtrade Electrochem 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
For further information: Mark Davis, Chief Executive Officer, Tel: (416) 496-4176; Rohit Bhardwaj, Chief Financial Officer, Tel: (416) 496-4177