Simpson Thacher acted as U.S. counsel for the underwriters, led by Scotia Capital Inc. and Morgan Stanley & Co. LLC, as joint bookrunners, in connection with an offering of CAD$250 million aggregate principal amount of 8.25% Senior Secured Notes due 2017 issued by Postmedia Network Inc. (“Postmedia”). The Notes are guaranteed by Postmedia Network Canada Corp., Postmedia’s parent. Postmedia is the largest publisher by circulation of paid English-language daily newspapers in Canada, representing some of the country’s oldest and best known media brands.
The Notes were offered in a private placement in Canada under available prospectus exemptions. The Notes were also offered in the United States to qualified institutional buyers under Rule 144A and outside the United States to non U.S. persons in accordance with Regulation S.
Postmedia used the net proceeds from the offering to repay in full its existing term loan facility.
The Simpson Thacher team included Marisa Stavenas, John Ericson, Paige Fleming and Yue Zhang (Capital Markets), Robert Holo, Jonathan Goldstein and Danny Salinas (Tax), Joyce Xu, Philip Powers and Qian Lisa Wang (Derivatives), Andrew Pagliughi (Blue Sky), Adeeb Fadil and Noreen Lavan (Environmental), David Rubinsky and Jeannine McSweeney (Executive Compensation and Employee Benefits) and Genevieve Dorment (Intellectual Property). Summer associate Ashley Belton also provided invaluable assistance.
