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Category Corporate Date 10/7/2005 |
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CanWest prices tender offers
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WINNIPEG, Oct. 7, 2005/ - CanWest MediaWorks Inc. ("CanWest"), a wholly-
owned subsidiary of CanWest Global Communications Corp., today announced that
it has priced its cash tender offers for any and all of its outstanding
10 5/8% Senior Subordinated Notes due 2011 and 7 5/8% Senior Unsecured Notes
due 2013.
If the offers are consummated, CanWest will pay US$1,086.38 for each
US$1,000 principal amount of the Senior Subordinated Notes and US$1,101.91 for
each US$1,000 principal amount of the Senior Unsecured Notes purchased in the
offers, in each case plus accrued and unpaid interest up to the date of
payment. The purchase price for the Senior Subordinated Notes was calculated
using a yield equal to a fixed spread of 50 basis points plus the yield to
maturity of the 2.000% U.S. Treasury Note due May 15, 2006 (corresponding to
the bid-side price, as indicated on Bloomberg screen PX3 at 2:00 p.m. EDT
today). The purchase price for the Senior Unsecured Notes was 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 (corresponding to the
bid-side price, as indicated on Bloomberg screen PX5 at 2:00 p.m. EDT today).
The purchase price for Notes of each series includes an early tender premium
that is equal to US$30.00 per US$1,000 principal amount of the Notes. Holders
of Notes tendered after the early tender premium deadline will not receive the
early tender premium.
The expiration time for both offers is midnight Eastern Daylight Time on
October 12, 2005, subject to extension. CanWest plans to pay for the Notes
that it purchases on the business day after the relevant offer expires, or as
soon as practicable after that date. 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.
Each of the offers is subject to conditions set forth in the Offers to
Purchase and Consent Solicitations dated September 8, 2005 that CanWest has
distributed to holders of the Senior Subordinated Notes and Senior Unsecured
Notes.
Citigroup Global Markets Inc. is the dealer manager and Global Bondholder
Services Corporation is 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 dated September 8, 2005 that
CanWest has distributed to holders of the Senior Subordinated Notes and Senior
Unsecured 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, the Republic of Ireland, and the United Kingdom.
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