The redemption of the Debentures was financed with the proceeds from the new debt facilities which Clearwater announced in a news release on June 25, 2013. No Debenture conversion requests were received and, therefore, the full C$44.4 million face value was paid out to holders of the Debentures.
Ian Smith, Clearwater's CEO commented: "This redemption eliminates Clearwater's high cost debt ensuring we have a competitive cost of capital."
