Corus Entertainment Inc. announced today that it has closed its previously announced offering of Cdn $550 million principal amount of 4.25% senior unsecured guaranteed notes due 2020.
The 2020 Notes were publicly offered in each of the provinces of Canada pursuant to a prospectus supplement dated February 6, 2013 to Corus’ previously filed short form base shelf prospectus dated February 4, 2013. The underwriting syndicate for the offering of the 2020 Notes consisted of TD Securities Inc. and BMO Nesbitt Burns Inc., as joint bookrunners, and included RBC Dominion Securities Inc., Scotia Capital Inc., CIBC World Markets Inc. and National Bank Financial Inc.
Corus also announced today that it will exercise its right to redeem all of its Cdn $500 million principal amount of 7.25% senior unsecured guaranteed notes due 2017 on March 16, 2013 (the “Redemption Date”). The redemption price for the 2017 Notes will be determined, in accordance with the provisions of the trust indenture dated February 11, 2010, among Corus, each subsidiary guarantor party thereto and CIBC Mellon Trust Company (now BNY Trust Company of Canada) (the “Trustee”), and will be equal to 103.625% of the principal amount of the 2017 Notes plus accrued and unpaid interest up to but excluding the Redemption Date.
Notice of redemption will be delivered today to CDS Clearing and Depository Services Inc. and the Trustee. Non-registered holders who maintain their interests in the 2017 Notes through CDS should contact their CDS customer service representative with any questions about the redemption.