The redemption of the Debentures was financed with the proceeds from the new debt facilities which Clearwater announced in a news release on 6 June, 2012. No Debenture conversion requests were received and, therefore, the full C$43.4 million face value was paid out to holders of the Debentures.
Ian Smith, Clearwater's CEO commented: "Consistent with our goal of increasing shareholder value, this redemption eliminates high cost debt, strengthens our capital structure and our ability to the fund growth initiatives while further reducing overall leverage."
