TORONTO--(BUSINESS WIRE)--
Postmedia Network Inc., a wholly owned subsidiary of Postmedia Network Canada Corp. (“Postmedia” or “the Company”) today announced that, further to its announcement of July 31, 2017, it has completed the sale of the property at 2250 Islington Avenue Toronto, Ontario. The building currently houses a printing facility. Postmedia has entered into a lease for a portion of the property for a period of up to ten years.
The net proceeds of the sale of the property will be applied to the redemption of its 8.25% Senior Secured Notes due 2021 in accordance with the provisions of the Senior Secured Notes Indenture.
A total of $29.23 million of the aggregate principal amount of the outstanding Notes will be redeemed, at par on or about October 6, 2017.
About Postmedia Network Inc.
Postmedia Network Inc., a
wholly owned subsidiary of Postmedia Network Canada Corp. (TSX:PNC.A,
PNC.B), is a Canadian newsmedia company representing more than 200
brands across multiple print, online, and mobile platforms.
Award-winning journalists and innovative product development teams bring
engaging content to millions of people every week whenever and wherever
they want it. This exceptional content, reach and scope offers
advertisers and marketers compelling solutions to effectively reach
target audiences. For more information, visit www.postmedia.com.
Forward-Looking Information
This news release may include
information that is “forward-looking information” under applicable
Canadian securities laws. The Company has tried, where possible, to
identify such information and statements by using words such as
“believe,” “expect,” “intend,” “estimate,” “anticipate,” “may,” “will,”
“could,” “would,” “should” and similar expressions and derivations
thereof in connection with any discussion of future events, trends or
prospects or future operating or financial performance. Forward-looking
statements in this news release include statements regarding the
repayment of debt. By their nature, forward-looking information and
statements involve risks and uncertainties because they relate to events
and depend on circumstances that may or may not occur in the future.
These risks and uncertainties include, among others; competition from
digital and other forms of media; the effect of economic conditions on
advertising revenue; the ability of the Company to build out its digital
media and online businesses; the failure to maintain current print and
online newspaper readership and circulation levels; the realization of
anticipated cost savings; possible damage to the reputation of the
Company’s brands or trademarks; possible labour disruptions; possible
environmental liabilities, litigation and pension plan obligations;
fluctuations in foreign exchange rates and the prices of newsprint and
other commodities. For a complete list of our risk factors please refer
to the section entitled “Risk Factors” contained in our annual
management’s discussion and analysis for the years ended August 31, 2016
and 2015. Although the Company bases such information and statements on
assumptions believed to be reasonable when made, they are not guarantees
that the transaction will close or of future performance and actual
results of operations, financial condition and liquidity, and
developments in the industry in which the Company operates may differ
materially from any such information and statements in this press
release. Given these risks and uncertainties, undue reliance should not
be placed on any forward-looking information or forward-looking
statements, which speak only as of the date of such information or
statements. Other than as required by law, the Company does not
undertake, and specifically declines, any obligation to update such
information or statements or to publicly announce the results of any
revisions to any such information or statements.
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