Saskatchewan Wheat Pool Inc. (the “Pool”) announced that it has entered into a binding commitment to sell Common Shares (“common shares”) at a price of $7.50 to a syndicate of underwriters led by TD Securities Inc.


The underwriters have committed to affect the offering on a “bought deal” basis, with anticipated gross proceeds of approximately $50 million. The Pool has also granted an option to the underwriters to purchase up to an additional 670,000 common shares at the issue price at any time up to 30 days after closing. The Pool has filed a preliminary short form prospectus dated March 15, 2006 and an amended and restated preliminary short form prospectus dated March 20, 2006 in connection with a $150 million offering of senior unsecured notes. Given the announced equity offering, the company intends to file a further amendment to the prospectus to reduce the note offering to $100 million.


Both the note offering and the common share offering are subject to customary securities regulatory approvals and closing conditions. The Pool intends to use the net proceeds from the common share offering, together with the net proceeds from the $100 million note offering and working capital, to redeem the $150 million of outstanding senior subordinated notes due November 29, 2008.


Pool President and Chief Executive Officer Mayo Schmidt commented on the announcement. “We are pleased to announce this opportunity and believe that the bought deal illustrates the market’s confidence in the Pool’s long-term future.
By repaying the senior subordinated notes with equity and debt, we will further lower our annual interest costs and increase the company’s financial flexibility. This course of action will solidify our capital structure and allow us to move forward with growth opportunities that may present themselves. The western Canadian agricultural industry is poised for change and the Pool is positioning itself to be a leader in that environment.”


The Pool expects to file a preliminary short form prospectus in all of the provinces of Canada in connection with the common share offering. The common share offering is scheduled to close on or about April 5, 2006.


This news release is not for dissemination in the United States or through United States newswire services. Neither the Notes nor the Common Shares have been or will be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States to any person absent registration or an applicable exemption from registration requirements.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes or the Common Shares in the United States.


Saskatchewan Wheat Pool Inc. is a publicly traded agribusiness headquartered in Regina, Saskatchewan. Anchored by a Prairie-wide grain handling and agri-products marketing network, the Pool channels Prairie production to end-use markets in North America and around the world. These operations are complemented by value-added businesses and strategic alliances, which allow the Pool to leverage its pivotal position between Prairie farmers and destination customers. The Pool’s common shares are listed on the Toronto Stock Exchange under the symbol SWP.