Sherritt Announces Second Modified Dutch Auction to Purchase Secured Notes and Fixed Price Tender Offer to Purchase Junior Notes in 2022 for Aggregate $50 Million

Nov 02, 2022

Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S, Financial), a world leader in the mining and hydrometallurgical refining of nickel and cobalt from lateritic ores, announced today the commencement of offers to purchase (i) its outstanding 8.50% senior second lien secured notes due 2026 (the “Secured Notes”) pursuant to a modified Dutch auction process (the “Secured Notes Dutch Auction”) and (ii) its outstanding 10.75% unsecured PIK option notes due 2029 (the “Junior Notes”, and collectively with the Secured Notes, the “Notes”) pursuant to a fixed price tender offer process (the “Junior Notes Fixed Price Tender Offer” and, together with the Secured Notes Dutch Auction, the “Offers” or the “Transaction”) for aggregate cash consideration of up to $50 million (the “Maximum Consideration Amount”), exclusive of accrued and unpaid interest on the purchased Secured Notes. The Transaction is on the same terms and conditions as the Notes purchase transaction completed by Sherritt in June 2022.

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