Nov 24, 2020
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CanWest $950 million Financing

TORONTO, CanWest Global Communications Corp. ("CanWest")today announced that its subsidiary, CanWest MediaWorks Limited Partnership
(the "Limited Partnership"), intends to put in place new senior secured credit facilities totaling $950 million.

The financing consists of a $250 million revolving facility and a $250 million term loan, the syndication of which will be led by The Bank of Nova Scotia ("Scotia Capital"), and a $450 million institutional loan, the placement of which will be led by Scotia Capital and Citi. This financing will be independent of CanWest MediaWorks Inc. ("CanWest MediaWorks") and recourse only against CanWest MediaWorks (Canada) Inc. (the general partner of the Limited Partnership), the Limited Partnership and its subsidiaries. The financing is subject to customary closing conditions, including completion of the proposed privatization.

The Limited Partnership will use proceeds from the new facilities to refinance, in part, the $1.3 billion short-term loan facility as announced on May 25, 2007 relating to the proposed privatization of CanWest MediaWorks Income Fund. The Limited Partnership intends to refinance the remainder of the short-term facility and also raise funds for general corporate purposes, which may among other things include funding future corporate development initiatives or future distributions to CanWest MediaWorks, through the issuance of up to $700 million of unsecured notes and/or second lien credit facilities shortly following closing of the $1.3 billion of the short term loan facility.

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Headline, Industry News

CanWest $950 million Financing

TORONTO, CanWest Global Communications Corp. ("CanWest")today announced that its subsidiary, CanWest MediaWorks Limited Partnership
(the "Limited Partnership"), intends to put in place new senior secured credit facilities totaling $950 million.

The financing consists of a $250 million revolving facility and a $250 million term loan, the syndication of which will be led by The Bank of Nova Scotia ("Scotia Capital"), and a $450 million institutional loan, the placement of which will be led by Scotia Capital and Citi. This financing will be independent of CanWest MediaWorks Inc. ("CanWest MediaWorks") and recourse only against CanWest MediaWorks (Canada) Inc. (the general partner of the Limited Partnership), the Limited Partnership and its subsidiaries. The financing is subject to customary closing conditions, including completion of the proposed privatization.

The Limited Partnership will use proceeds from the new facilities to refinance, in part, the $1.3 billion short-term loan facility as announced on May 25, 2007 relating to the proposed privatization of CanWest MediaWorks Income Fund. The Limited Partnership intends to refinance the remainder of the short-term facility and also raise funds for general corporate purposes, which may among other things include funding future corporate development initiatives or future distributions to CanWest MediaWorks, through the issuance of up to $700 million of unsecured notes and/or second lien credit facilities shortly following closing of the $1.3 billion of the short term loan facility.

Leave a Reply

Your email address will not be published. Required fields are marked *

Headline, Industry News

CanWest $950 million Financing

TORONTO, CanWest Global Communications Corp. ("CanWest")today announced that its subsidiary, CanWest MediaWorks Limited Partnership
(the "Limited Partnership"), intends to put in place new senior secured credit facilities totaling $950 million.

The financing consists of a $250 million revolving facility and a $250 million term loan, the syndication of which will be led by The Bank of Nova Scotia ("Scotia Capital"), and a $450 million institutional loan, the placement of which will be led by Scotia Capital and Citi. This financing will be independent of CanWest MediaWorks Inc. ("CanWest MediaWorks") and recourse only against CanWest MediaWorks (Canada) Inc. (the general partner of the Limited Partnership), the Limited Partnership and its subsidiaries. The financing is subject to customary closing conditions, including completion of the proposed privatization.

The Limited Partnership will use proceeds from the new facilities to refinance, in part, the $1.3 billion short-term loan facility as announced on May 25, 2007 relating to the proposed privatization of CanWest MediaWorks Income Fund. The Limited Partnership intends to refinance the remainder of the short-term facility and also raise funds for general corporate purposes, which may among other things include funding future corporate development initiatives or future distributions to CanWest MediaWorks, through the issuance of up to $700 million of unsecured notes and/or second lien credit facilities shortly following closing of the $1.3 billion of the short term loan facility.

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Your email address will not be published. Required fields are marked *

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