Corus Entertainment Inc. announced today that it has agreed to sell Cdn $550 million principal amount of 4.25% senior unsecured guaranteed notes due 2020 to a syndicate of underwriters for public offering in Canada. The offering of Notes is expected to close on February 11, 2013. The net proceeds from the offering of Notes will be used to redeem Corus' $500 million of 7.25% senior unsecured guaranteed notes due 2017 (principal amount Cdn $500 million) and for general corporate purposes.
The Notes will be publicly offered in each of the provinces of Canada pursuant to a prospectus supplement to Corus' previously filed short form base shelf prospectus dated February 4, 2013. The underwriting syndicate for the offering of Notes consists of TD Securities Inc. and BMO Nesbitt Burns Inc., as joint bookrunners, and includes RBC Dominion Securities Inc., Scotia Capital Inc., CIBC World Markets Inc. and National Bank Financial Inc.