On March 8, 2023, Chemtrade Logistics Income Fund completed its previously announced bought deal public offering of $100 million principal amount of convertible unsecured subordinated debentures, at a price of $1,000 per debenture.

Maturing on June 30, 2028, the debentures carry an interest rate of 7.00 percent per annum and are payable semi-annually in arrears on the last day of June and December commencing on June 30, 2023.

The offering was made through a syndicate of underwriters led by Scotiabank, TD Securities Inc. and BMO Capital Markets. 

On March 20, 2023, Chemtrade announced the issue and sale of an additional $10 million aggregate principal amount of debentures under the over-allotment option, increasing the total amount of issued debentures to $110 million.

Osler, Hoskin & Harcourt LLP advised Chemtrade Logistics Income Fund with a team consisting of Amelia Miao, Kevin Feng, Josh Pederson (Corporate), David Davachi and James Chang (Tax), Joyce Bernasek, Jasmyn Lee and Kayla Sommerville (Banking and Financial Services) and Samuel Cohen, Bernard Chouteau and Valérie Huard (Translation).

Torys acted as counsel to the syndicate of underwriters led by Scotiabank, TD Securities and BMO Capital Markets with a team that included Glen Johnson and Michael Murphy (corporate/securities).