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Category Corporate Date 9/16/2005 |
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CanWest amends purchase price in its previously announced tender offer for its 7 5/8% senior unsecur
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WINNIPEG, Sept. 16, 2005 - CanWest MediaWorks Inc. ("CanWest"), a
wholly-owned subsidiary of CanWest Global Communications Corp., today
announced that it has amended the purchase price in its cash tender offer for
its 7 5/8% Senior Unsecured Notes due 2013 (the "2013 Notes"). This series of
debt securities has an outstanding principal amount outstanding of
US$200 million (CDN$238 million). The purchase price for CanWest's 10 5/8%
Senior Subordinated Notes due 2011 (the "2011 Notes") will remain as
originally announced by CanWest on September 8, 2005. CanWest also announced
that holders of a majority in aggregate principal amount of the 2013 Notes
have indicated their intention to tender their 2013 Notes in the tender offers
as amended.
The amended purchase price for the 2013 Notes will be a "fixed spread"
price determined on October 6, 2005 (subject to extension), calculated using a
yield equal to a fixed spread of 50 basis points plus the yield to maturity of
the 2.625% U.S. Treasury Note due May 15, 2008. The purchase price for the
2013 Notes will no longer be a composite price that includes an "equity claw-
back" price component. As a result of this amendment, all holders who validly
tender their 2013 Notes prior to the early tender premium deadline will
receive 100% of the "fixed spread price" (as that term is used in the Offers
to Purchase and Consent Solicitations Statement dated September 8, 2005 that
CanWest distributed to holders of the notes) for their 2013 Notes that are
accepted for purchase. Holders who validly tender their 2013 Notes after the
early tender premium deadline will receive the fixed spread price minus an
early tender premium of US$30.00 per US$1,000 principal amount of 2013 Notes
that are accepted.
All other terms and conditions of the tender offers and consent
solicitations with respect to the notes described above remain the same. For
both offers, the early tender premium deadline for the consent solicitations
is 5:00 p.m. Eastern Daylight Time (EDT) on September 21, 2005 and the
expiration time is midnight EDT, on October 12, 2005. Holders may withdraw
their tenders of notes prior to 5:00 p.m. EDT on September 21, 2005. All of
these dates are subject to extension at CanWest's election.
The tender offers and consent solicitations are made solely by the Offers
to Purchase and Consent Solicitations Statement dated September 8, 2005, the
related letter of transmittal and consent, and any amendments or supplements
thereto.
The offers are subject to certain conditions, which include the tender of
a set minimum amount of notes of each series and the successful creation and
Canadian initial public offering of CanWest MediaWorks Income Fund.
CanWest has retained Citigroup Global Markets Inc. to serve as dealer
manager for the tender offers and consent solicitations. Global Bondholder
Services Corporation is serving as the depositary and information agent for
the tender offers and consent solicitations.
Requests for documents relating to the tender offers and consent
solicitations may be directed to Global Bondholder Services Corporation by
telephone at (toll free) or or in writing at
65 Broadway, Suite 74, New York, NY, 10006. Questions regarding the tender
offers and consent solicitations may be directed to Citigroup Global Markets
Inc., Liability Management Group, at (toll free) or
(collect).
This news release is neither an offer to purchase nor a solicitation of
an offer to sell the notes. The offers are being made only pursuant to the
Offers to Purchase and Consent Solicitations Statement dated September 8, 2005
that CanWest has distributed to holders of the 2011 Notes and 2013 Notes.
CanWest MediaWorks Inc. is a wholly-owned subsidiary of CanWest Global
Communications Corp. (NYSE: CWG; TSX: CGS.SV and CGS.NV;
www.canwestglobal.com), an international media company. CanWest, Canada's
largest publisher of daily newspapers, owns, operates and/or holds substantial
interests in newspapers, conventional television, out-of-home advertising,
specialty cable channels, radio networks and websites in Canada, New Zealand,
Australia, and the Republic of Ireland.
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