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July 1-15, 2004 Edition
CanWest Cuts Costs
Bank DebtsTORONTO/06/17/04Canwest Global Communications Corp’s media unit has refinanced approximately C$911 million ($665 million) in senior bank debt in order to cut interest payments.
Canada’s top media group, which owns Canada’s largest newspaper chain as well as major broadcast facilities, said it will save about C$4.5 million in annual interest by the refinancing its senior secured credit, and will extend loan maturity to August 2009.
CanWest’s debt increased substantially when in 2000 it purchased Conrad black’s Southam newspaper chain for C$3.2 billion. Other debt-cutting measures over the past few years have included the sale of about C$725 million in non-core assets.
The refinancing will help improve the company’s cash flow and financial flexibility according to chief executive Leonard Asper, and chief financial officer John Maguire.
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