Saskatchewan Wheat Pool Inc.

Saskatchewan Wheat Pool Inc.

April 05, 2006 11:05 ET

Pool Closes $50.25 Million Common Share Offering

REGINA, SASKATCHEWAN--(CCNMatthews - April 5, 2006) -

This news release is not for dissemination in the United States or through United States newswire services.

Saskatchewan Wheat Pool Inc. (TSX:SWP) ("Pool") is pleased to announce that its $50.25 million common share offering successfully closed today. After the deduction of the underwriters' fee, the Pool received net proceeds of $48.24 million.

The common share offering ("Common Shares") was sold on a "bought deal" basis to a syndicate of underwriters led by TD Securities Inc. that also included Genuity Capital Markets and National Bank Financial Inc. The underwriters have an option to purchase 670,000 additional common shares at the issue price of $7.50 at any time up to 30 days after closing. The Pool now has 88,534,137 common shares outstanding.

The Pool intends to use the net proceeds from the Common Shares, together with the net proceeds from the $100 million note offering and working capital, to redeem $150 million of outstanding Senior Subordinated Notes due November 29, 2008.

The note offering is expected to close on April 6, 2006. The note offering is subject to customary closing conditions.

Neither the Common Shares nor the notes have been or will be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States to any person absent registration or an applicable exemption from registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Common Shares or the notes in the United States.

Saskatchewan Wheat Pool Inc. is a publicly traded agribusiness headquartered in Regina, Saskatchewan. Anchored by a Prairie-wide grain handling and agri-products marketing network, the Pool channels Prairie production to end-use markets in North America and around the world. These operations are complemented by value-added businesses and strategic alliances, which allow the Pool to leverage its pivotal position between Prairie farmers and destination customers. The Pool's common shares are listed on the Toronto Stock Exchange under the symbol SWP.

Contact Information

  • Saskatchewan Wheat Pool
    Colleen Vancha
    Vice-President, Investor Relations & Communications
    (306) 569-4859