Sun Media completes refinancing

Date Closed: 2/07/2003

Value: $735 million 

On February 7, 2003, Sun Media Corporation, one of Canada's largest newspaper publishers, completed a $735 million refinancing consisting of a 144A private placement of US$205 million 7 5/8 per cent senior notes due 2013 and new secured credit facilities including a revolving facility of $75 million and a term facility of US$230 million. The high yield offering was led by Salomon Smith Barney Inc., as sole book-running manager, and the bank financing was jointly led and arranged by Banc of America Securities LLC and Credit Suisse First Boston.

BLG acted as special counsel to the lenders, with a team that included Marilyn Paterson, Stephanie Nagel and Tim Sehmer in British Columbia.