Rogers Sugar Inc.

Rogers Sugar Inc.

December 16, 2011 09:03 ET

Rogers Sugar Inc. Announces Closing of a $60 Million Offering of Convertible Debentures

MONTRÉAL, QUÉBEC--(Marketwire - Dec. 16, 2011) -


Rogers Sugar Inc. (the "Issuer") (TSX:RSI) announced today the closing of its previously announced public offering of $60 million aggregate principal amount of 5.75% convertible unsecured subordinated debentures, which are convertible at the option of the holder into common shares of the Issuer on the earlier of the maturity date and the business day immediately preceding the date fixed by the Issuer for redemption, at a conversion price of $7.20 per common share. Interest on the debentures is payable semi-annually on June 30 and December 31, commencing on June 29, 2012. The debentures will mature on December 31, 2018.

The offering was completed on a bought deal basis through a syndicate of underwriters co-led by TD Securities and BMO Capital Markets, and including Scotia Capital Inc., National Bank Financial Inc. and RBC Capital Markets.

The net proceeds of the offering will be used to partially fund the redemption of all of the currently outstanding $76.674 million aggregate principal amount of 5.90% convertible unsecured subordinated debentures of the Issuer due June 29, 2013. The redemption is intended to take place on or about December 19, 2011.

About Rogers Sugar Inc.

The Issuer is a corporation established under the laws of Canada. The Issuer holds all of the common shares of Lantic Inc. Lantic Inc. operates cane sugar refineries in Montréal, Québec and Vancouver, British Columbia, as well as the only Canadian sugar beet processing facility in Taber, Alberta. Lantic Inc.'s sugar products are marketed under the "Lantic" trademark in Eastern Canada, and the "Rogers" trademark in Western Canada, and include granulated, icing, cube, yellow and brown sugars, liquid sugars and specialty syrups.

Forward Looking Statements

This document may contain forward-looking statements, relating to the Issuer's operations or to the environment in which it operates, which are based on the Issuer's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond the Issuer's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in other public filings. In addition, these forward-looking statements relate to the date on which they are made. The Issuer disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.

Contact Information

  • Mr. Daniel L. Lafrance
    Senior Vice-President Finance and CFO
    Lantic Inc.
    (514) 940-4350