CanWest to start roadshow Monday for $650 million 10-year notes

By Paul A. Harris

St. Louis, June 22 - CanWest MediaWork LP will begin a roadshow on Monday for a $650 million offering of 10-year senior subordinated notes, according to an informed source.

An investor call is set to take place on Tuesday.

Citigroup and Scotia Capital are joint bookrunners for the Rule 144A for life and Regulation S offering.

The notes will come with five years of call protection.

Proceeds, together with the proceeds from new credit facilities, will be used to refinance the C$1.3 billion short-term loan facility. That loan was announced on May 25 related to the proposed privatization of CanWest MediaWorks Income Fund. Other proceeds of the note offering will go toward general corporate purposes, including corporate development or distributions to CanWest MediaWorks.

CanWest MediaWorks Income Fund is an unincorporated, open-ended trust that holds an approximate 26% equity interest in Canadian newspaper publisher CanWest MediaWorks LP, which has headquarters in Don Mills, Ont.

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