CALGARY, AB--(Marketwired - August 31, 2015) - Canexus Corporation (TSX: CUS) (the "Corporation" or "Canexus") is pleased to announce the completion of the previously announced sale of the North American Terminal Operations ("NATO") to Cenovus Energy Inc. for a purchase price of approximately $75 million, subject to adjustments. The Corporation also announces certain amendments to its existing credit facilities, effective September 1, 2015, including (i) amendments to its Extendible Revolver Credit Facility ("Credit Agreement") which will provide the Corporation with increased financial flexibility, and (ii) the addition of a non-revolving credit facility in the amount of $60 million to repay the 5.75% Series III Convertible Unsecured Subordinated Debentures ("Series III Debentures") maturing December 31, 2015.

NATO Transaction

The NATO transaction includes the unit train and manifest operations, pipeline connections as well as certain above and below ground storage capabilities. The transaction has an economic effective date of June 30, 2015. All net proceeds will be used to pay down bank debt.

"The conclusion of the NATO transaction allows Canexus to turn a page and return to its roots as a pure-play chemical producer," stated Doug Wonnacott, President and CEO. "With a strong portfolio of cash-generating assets, ample liquidity and a renewed focus on leveraging our core competencies, we believe this disposition positions the company for a better future."

Financial Covenant Amendment

As anticipated, Canexus amended its Credit Agreement, with its syndicate of banks, effective September 1, 2015. This amendment modifies certain financial covenants relating to: the creation of a non-revolving term facility and a reduction in the size of the revolver; and previously defined financial covenants put in place prior to the sale of NATO.

The Company has arranged a non-revolving credit facility agreement in the amount of $60 million to repay the Series III debentures due on December 31, 2015. The one time drawdown is available until December 31, 2015 and matures on December 31, 2016. These funds will provide Canexus with the financial flexibility needed to repay the Series III debentures without diluting shareholders or incurring significant financing expenses.

The amended revolver credit facility provides a committed facility of $400 million, with an unchanged maturity date of June 30, 2017, subject to further extension. The Corporation will also have access to the new non-revolving credit facility in the amount of $60 million to fund the repayment of the Series III debentures. The revised facility amount and amendments to our covenants are expected to provide an appropriate level of liquidity going forward.

About Canexus

Canexus produces sodium chlorate and chlor-alkali products largely for the pulp and paper and water treatment industries. Our four plants in Canada and two at one site in Brazil are reliable, low-cost, strategically located facilities that capitalize on competitive electricity costs and transportation infrastructure to minimize production and delivery costs. Canexus targets opportunities to maximize shareholder returns and delivers high-quality products to its customers and is committed to Responsible Care® through safe operating practices. Canexus common shares (CUS) and debentures (Series III - CUS.DB.A; Series IV - CUS.DB.B; Series V - CUS.DB.C; Series VI - CUS.DB.D) trade on the Toronto Stock Exchange. More information about Canexus is available at

Contact Information:

Further information:

Dean R. Beacon
Senior Vice President, Finance and CFO
Canexus Corporation
(403) 571-7300

Robin Greschner, MBA
Manager Investor Relations
Canexus Corporation
(403) 571-7356