TORONTO, Dec. 17, 2021 (GLOBE NEWSWIRE) -- Noranda Income Fund (TSX: NIF.UN) (the “Fund”) today announced that the Board of Trustees of Noranda Operating Trust (the “Board”) has approved a special cash distribution of $0.02 per unit payable on January 25, 2022, to Priority and Ordinary Unitholders of record as at the close of business on December 31, 2021.
This special cash distribution is based on the Fund’s 2021 unconsolidated taxable income calculated in accordance with the Fund’s Trust Indenture. All cash distributions to Unitholders must be approved by the asset-based revolving credit facility (“ABL Facility”) lenders of the Fund and they have provided consent for this special distribution.
The 2021 special distribution does not signal a return to regular monthly distributions to Unitholders. Based on the Fund’s current liquidity position and capital requirements, as well as continued challenging market conditions, the Fund has a limited ability to pay regular distributions. The Board continues to carefully monitor and review the Fund’s financial performance, capital requirements, business environment and prospects on a periodic basis as well as its required levels of reserves and expected future cash flows, to determine its ability to pay distributions to Unitholders in future.
About the Noranda Income Fund
Noranda Income Fund is an income trust whose units trade on the Toronto Stock Exchange under the symbol “NIF.UN”. Noranda Income Fund owns the electrolytic zinc processing facility and ancillary assets (the “Processing Facility”) located in Salaberry-de-Valleyfield, Quebec. The Processing Facility is the second-largest zinc processing facility in North America and the largest zinc processing facility in eastern North America, where the majority of zinc customers are located. It produces refined zinc metal and various by-products from sourced zinc concentrates. The Processing Facility is operated and managed by Canadian Electrolytic Zinc Limited, a wholly-owned subsidiary of Glencore Canada Corporation. Further information about Noranda Income Fund can be found at: www.norandaincomefund.com
https://www.globenewswire.com/news-release/2021/12/17/2354725/0/en/Noranda-Income-Fund-Announces-Special-Distribution-of-2021-Taxable-Income.html