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Category Corporate Date 9/22/2005 |
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CanWest receives requisite consents to tender offers and consent solicitations
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WINNIPEG, Sept. 22, 2005 - CanWest MediaWorks Inc. ("CanWest"), a
wholly-owned subsidiary of CanWest Global Communications Corp., today
announced that it has received the consents that it required for enactment of
the indenture amendments proposed in its previously announced cash tender
offers and consent solicitations. CanWest received valid and unrevoked
consents from holders of more than the required majorities in principal amount
of each of the two series of notes that were the subject of its offers:
CanWest's 10 5/8% Senior Subordinated Notes due 2011 (the "2011 Notes") and
its 7 5/8% Senior Unsecured Notes due 2013 (the "2013 Notes").
Following receipt of the necessary consents, CanWest executed
supplemental indentures implementing the amendments that the consent
solicitations approved, and those amendments are now effective (though they
will be revoked with retroactive effect if settlement of the tender offers and
consent solicitations fails to occur).
The withdrawal deadline for the offers has now passed and holders cannot
withdraw any notes that they have tendered, or the related consents that they
have given, unless CanWest permits them to do so.
The early tender premium deadline for the offers has now expired, so that
any holders that validly tender notes on or after the date of this release
will be paid only the purchase price less the early tender premium for their
notes, if the offer is consummated.
The expiration time has not been changed in respect of either offer. It
remains midnight Eastern Daylight Time, on October 12, 2005, subject to
extension.
Citigroup Global Markets Inc. is the dealer manager and Global Bondholder
Services Corporation is the depositary and information agent for the tender
offers and consents 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 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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