Postmedia completes sale of Toronto property and will lease back the site for 18 months, will apply net proceeds of C$23.2M sale to redeem equal amount of senior secured notes due 2017
October 15, 2012
– Postmedia Network Canada Corp. (“Postmedia” or the “Company”) today announced that, further to its announcement of June 26, 2012, it has completed the sale of the property at 1450 Don Mills Road in Toronto to The Rose & Thistle Group Ltd.
Postmedia will apply the net proceeds of the sale (approximately C$23.2 million) to redeem an equal amount of senior secured notes due 2017 in accordance with the provisions of the note indenture.
Postmedia will lease back the property for a period of 18 months. As previously announced, Postmedia has entered into a lease agreement for its new head office at 365 Bloor Street East in downtown Toronto, which lease commences December 1, 2013.
About Postmedia Network Canada Corp.
Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B), is the holding company that owns Postmedia Network Inc., 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. Reaching millions of Canadians every week, Postmedia engages readers and offers advertisers and marketers integrated solutions to effectively reach target audiences through a variety of print, online, digital, and mobile platforms.