Sherritt International Corporation completes CBCA Notes Exchange Transaction and Subsequent Exchange Transaction

Goodmans LLP acted for Sherritt International Corporation in connection with its CBCA Transaction and Subsequent Exchange Transaction.

On April 21, 2025, Sherritt announced the successful completion of its transaction to reduce its outstanding debt, extend its debt maturities and strengthen its capital structure.

Pursuant to a plan of arrangement under the Canada Business Corporations Act (the “CBCA Plan”), Sherritt exchanged its previously outstanding 8.50% senior second lien notes due 2026 in a principal amount of approximately $221 million and 10.75% unsecured PIK notes due 2029 in a principal amount of approximately $70 million for approximately $266 million of amended 9.25% senior second lien notes due November 2031 (the “Amended Notes”), thereby reducing the overall outstanding debt amount and extending its debt maturities by approximately five years.

On April 21, 2025, following the implementation of the CBCA Plan, Sherritt exchanged approximately $17 million of Amended Notes issued pursuant to the CBCA Transaction for approximately 19.9% of Sherritt common shares, further deleveraging the Company.

Sherritt International Corporation is a Canadian natural resource company and the largest independent energy producer in Cuba. Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.