| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for CanWest Media Inc. > News item |
CanWest starts exchange for Hollinger Participation notes
New York, Oct. 8 - CanWest Media Inc. said it has started an exchange offer for the 12 1/8% senior notes due 2010 issued by Hollinger Participation Trust.
CanWest is offering new 8% senior subordinated notes due 2014 for the Hollinger Participation notes.
The new notes will be obligations of CanWest.
CanWest is offering $1,200 principal amount of the new notes for each $1,000 principal amount of the Hollinger Participation notes.
Of the total amount of new notes, $30 million represents an early tender premium that will only be paid to holders who tender by Oct. 29.
The exchange ends at 5 p.m. ET on Nov. 15. Tenders may be withdrawn up to 5 p.m. ET on Nov. 5.
No payment will be made for accrued interest.
Holders who tender the Hollinger Participation notes will be required to consent to amendments to the trust agreement for the notes and to the indenture for the fixed-rate subordinated debentures due 2010 of 3815668 Canada Inc. in which the trust holds a participation interest. The amendments will allow the trust to be wound up once the exchange is completed and any remaining notes to be redeemed at par plus accrued interest.
The exchange is subject to conditions including receipt of tenders and consents for at least two-thirds of the Hollinger Participation notes. CanWest must also obtain waivers and consents under its credit facility.
CanWest said it also plans to offer additional 8% senior subordinated notes due 2014 for cash in a Rule 144A/Regulation S offering.
CanWest Media is a subsidiary of CanWest Global Communications Corp., a Winnipeg, Saskatchewan, newspaper, television and advertising company.
Bondholder Services Corp. is the information agent (866 470-3900 or 212 430-3774).
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.