Postmedia Announces the Closing of Refinancing Transaction
TORONTO--(BUSINESS WIRE)--Sep 9, 2019--
Postmedia Network Canada Corp. today announced that its wholly-owned subsidiary Postmedia Network Inc. (“ PNI ” and together with PNCC, “ Postmedia ”) has closed the previously announced refinancing transaction resulting in the: (i) issuance of $95.2 million of new first lien notes, maturing July 2023, at the existing first lien notes rate by PNI to Canso Investment Counsel Ltd. of Richmond Hill, Ontario, in its capacity as portfolio manager for and on behalf of certain accounts that it manages, (ii) redemption in full of PNI’s existing first lien notes with the proceeds of the aforementioned issuance of new first lien notes; and (iii) extension of the maturity of PNI’s existing second lien notes by six months to January 15, 2024.
Postmedia’s legal advisor in connection with the refinancing transaction is Goodmans LLP and its financial advisor is Canaccord Genuity Corp.
Canso’s legal advisor in connection with the refinancing transaction is Bennett Jones LLP.
Note: All dollar amounts are expressed in Canadian dollars.
About Postmedia Network Canada Corp.
Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B) is the holding company that owns Postmedia Network Inc., a Canadian newsmedia company representing more than 140 brands across multiple print, online, and mobile platforms. Award-winning journalists and innovative product development teams bring engaging content to millions of people every week whenever and wherever they want it. This exceptional content, reach and scope offers advertisers and marketers compelling solutions to effectively reach target audiences. For more information, visit www.postmedia.com.
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CONTACT: Media Contact Phyllise Gelfand
Vice President, Communications
email@example.com Investor Contact Brian Bidulka
Executive Vice President and Chief Financial Officer
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: FINANCE PUBLISHING PROFESSIONAL SERVICES COMMUNICATIONS
SOURCE: Postmedia Network Canada Corp.
Copyright Business Wire 2019.
PUB: 09/09/2019 01:08 PM/DISC: 09/09/2019 01:08 PM