Sherritt Int’l. out to boost treasury

Toronto-based Sherritt International (S-T) has entered into an underwriting agreement for the issuance and sale of $300 million worth of 6%, 10-year, convertible, unsecured, subordinated debentures.

The underwriters agreed to buy the debentures on a “bought deal basis” for resale to the public. The company intends to use the proceeds to finance capital projects and growth of its existing businesses. The list includes a 50% interest in a vertically intergrated nickel-cobalt metals business, with operations in Canada and Cuba.