CanWest Global Communications Corp. is amending its $663 million "D" loan to cut the interest rate. CanWest is going to do an initial public offering of its New Zealand media operations and needs lender consent, a source familiar with the deal said. It decided to mark the deal to market in the process, he added.
The loan is being rolled into a new term loan "E" and investors are being asked to come back in at LIBOR plus 2 1/4%, down from LIBOR plus 2 3/4%. Scotia Capital leads the institutional piece. The facility also includes a Canadian dollar-denominated revolver and "A" loan, which are not being repriced. The debt resides at the holding company, CanWest Media. Scotia bankers declined comment and John Maguire, CanWest's cfo, did not return calls by press time.