Sherritt mentioned in todays Globe;Sherritt doing end run in U.S.
Sherritt International's ability to raise money by dipping into the world's deepest capital pool -- that would be the U.S. market -- has been curtailed in recent years because of the company's holdings in Cuba and the asinine, imperialist politics of certain dinosaurs in the U.S. Congress.
But what the parent can't do, its offspring often can.
Sherritt and the Ontario Teachers Pension Plan Board teamed up to buy Luscar Coal a few months back. Now the mining company has launched its first foray into the U.S. yield debt market. Luscar is trying to sell $250-million (U.S.) of 10-year notes, with Goldman Sachs leading the charge. Luscar would be a double-B-rated credit, which means it's just outside investment grade for most domestic money managers.