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CanWest gets required consents to amend indentures of 7 5/8%, 10 5/8% notes
By Jennifer Chiou
New York, Sept. 22 - CanWest said it obtained the required consents to amend the indentures of its 7 5/8% senior unsecured notes due 2013 and 10 5/8% senior subordinated notes due 2011.
The amendments eliminate all restrictive covenants and events of default.
For the 7 5/8% notes, the company will pay the present value of scheduled payments up to the notes' first call date, discounted using the yield on the 2 5/8% Treasury due May 15, 2008 plus 50 bps. The purchase price for the 7 5/8% notes previously included 65% of the present value described above and 35% of the equity clawback price.
For the 10 5/8% notes, the company will pay the present value of scheduled payments up to the notes' first call date, discounted using the yield on the 2% Treasury due May 15, 2006 plus 50 basis points.
Pricing will be determined on Oct. 6.
Those who tendered their holding before the consent deadline at 5 p.m. ET on Sept. 21 will receive a consent payment of $30.00 per $1,000 principal amount, which is included in the total payment.
The offers expire at midnight ET on Oct. 12.
As already announced, the tender offers and consent solicitation are part of the company's decision to transfer its Canadian newspaper and interactive operations to a limited partnership, in which all interests will be indirectly held by CanWest and CanWest MediaWorks Income Fund. The income fund will complete an initial public offering to fund acquisition of its interest.
Global Bondholder Services Corp. is the depositary and information agent (866 470-4500 or call collect 212 430-3774).
Citigroup Global Markets Inc. is the dealer manager (800 558-3745 or call collect 212 723-6106).
The company is a wholly owned subsidiary of CanWest Global Communications Corp., a Winnipeg, Saskatchewan, newspaper, television and advertising company.
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