Sherritt International Corp T.S

SCN Bonds

[Contrarian333]

SCN 8½  26	66¼	-	69
SCN 10¾ 29	40½	-	43½

[Ventoux]

Interesting! On the morning of March 8 you posted these levels for the notes: SCN 8½  26 62½-66 SCN 10¾ 29 38-42 The closing price on the common on March 7 was $.81, today trading around $.71. In the meantime the bid on the notes this morning has surpassed the offering price on March 8. Could it that  the company has been purchasing notes?&

[Ernieandbert]

Bonds are traded Insitutionally and by those who do more in-depth research because cash flows pay the coupon.  Co is not buying back bonds yet to my knowledge but certainly will.  Follow the bonds if you want to know where the stock will go, not just for S, but for every co who has HY/Distressed bonds o/s.   

[Ventoux]

Good advice!!

[Albatross]

Good, hopefully Sherritt buys up as many as it possibly can.

[mas7575]

Agreed, especially at a discount.

[Ernieandbert]

Hope so too.  All that decrease in Cash Interest Expense and reduced debt in the EV calculation will....all accrue to shareholders!  And they have about C$65mm in cash in Canada, so they just need to execute and then use the newfound FCF (which I calculate will be north of C$175mm) so buy back almost all the debt at market value.  Work that out on Pro Forma EV and Ebitda.  At

[thenorthvanman]

Norilsk Ni i not out of the market.  Specific companies may choose not to source material from them but neither the US, EU, or Russia has put sanctions on the metal and it is still accepted by the LME.

[thenorthvanman]

*is

[Ernieandbert]

If it isn't now, it will be soon.  And the Western/Democratic/Woke Commercial buyers will not be buying, regardless.  Heck, BMW won't even buy S's Ni because it is originated in Cuba.  Political suicide for a manufacturer to be seen as buying Ni from a Russian provider, and this won't stop any time soon, in fact, it will likely become more broadly based.  Corp

[thenorthvanman]

It isn't sanctioned and if it hasn't been already I wouldn't assume it will be.  It has been left off specifically because of the economic harm it could cause specific industries.   It's more likely Russia sanctions Ni as punishment.  Like I said, some companies may choose not to source material from Russia.  Big difference between that and sanctions and