Stratmin restructures debts of $18 million

Montreal-based Stratmin (ME) says 75% owned Stratmin Graphite has completed the restructuring of $18 million in long-term debt owed to the Canadian Imperial Bank of Commerce.

Under the restructuring, a unit of Stratmin Graphite has issued $18 million in preferred shares to CIBC in exchange for the debt. The preferred shares are non-voting, with a cumulative dividend payable quarterly at a rate equal to half of the prime rate plus 1% and are redeemable, on a quarterly basis, at their issued price.