Rogers Sugar Income Fund

Rogers Sugar Income Fund

March 31, 2005 09:05 ET

Rogers Sugar Income Fund Announces Closing of a $50 Million Treasury Offering of Convertible Debentures


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ROGERS SUGAR INCOME FUND

TSX SYMBOL: RSI.UN

MARCH 31, 2005 - 09:05 ET

Rogers Sugar Income Fund Announces Closing of a $50
Million Treasury Offering of Convertible Debentures

MONTREAL, QUEBEC--(CCNMatthews - March 31, 2005) - NOT FOR DISSEMINATION
INTO THE UNITED STATES OR TO UNITED STATES WIRE SERVICES

Rogers Sugar Income Fund (the "Fund") (TSX:RSI.UN) announced the closing
of its previously announced public offering of $50 million principal
amount of 6.00% convertible unsecured subordinated debentures, which are
convertible at the option of the holder into trust units of the Fund on
the earlier of the maturity date and the business day immediately
preceding the date fixed by the Fund for redemption, at a conversion
price of $5.30 per trust unit. Interest on the debentures is payable
semi-annually on June 29 and December 29, commencing on June 29, 2005.
The debentures will mature on June 29, 2012.

The offering was completed on a bought deal basis through a syndicate of
underwriters led by Scotia Capital Inc. and including BMO Nesbitt Burns
Inc. and National Bank Financial Inc.

The net proceeds of the offering will be used to redeem part of the $100
million principal amount of the outstanding 8.173% senior secured
debentures of Rogers Sugar Ltd. ("Rogers"), a subsidiary of the Fund,
due August 26, 2005, either prior to or upon maturity.

About Rogers Sugar Income Fund

The Fund is an open-ended, limited purpose trust established under the
laws of the Province of Ontario. The Fund holds all of the common shares
of Rogers and Lantic Sugar Limited ("Lantic").

Rogers has been in the sugar business since 1890 and is the leading
refiner, processor, distributor and marketer of sugar products in
Western Canada. As the sole sugar processor in Western Canada, Rogers
supplies over 90% of the demand for refined sugar in that region. Rogers
has two sugar processing facilities, a cane sugar refinery in Vancouver,
British Columbia and a beet sugar processing facility in Taber, Alberta.
Rogers' sugar products are marketed primarily under the "Rogers" trade
name and include granulated, icing, cube, yellow and brown sugars,
liquid sugars and specialty syrups.

Lantic is one of two refiners in Eastern Canada and operates a cane
sugar refinery in Montreal, Quebec. Lantic's sugar products are marketed
primarily under the "Lantic" trade name and include granulated, icing,
cube, liquid, yellow and brown sugars.

This document may contain forward-looking statements, relating to the
Fund's operations or to the environment in which it operates, which are
based on the Fund'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 Fund'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 Fund disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

The debentures and the units issued upon conversion of the debentures
have not been and will not be registered under the United States
Securities Act of 1933 and accordingly will not be offered, sold or
delivered, directly or indirectly within the United States, its
possessions and other areas subject to its jurisdiction or to, or for
the account or for the benefit of a U.S. person.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Rogers Sugar Ltd. and Lantic Sugar Limited
    Mr. Daniel L. Lafrance
    Senior Vice-President Finance and CFO
    (514) 940-4350
    www.rogerssugar.com
    www.lantic.ca