Postmedia announces plan to extend debt repayment window

In a deal announced Friday afternoon, Canadian media giant Postmedia has announced that the company has signed a refinancing agreement that will extend its debt repayment window by two years.

Since late 2016, Postmedia has paid down just under 60% of its $225 million in first lien notes, with a maturity of July 2021. Currently, $94.8 million is outstanding. The new deal will see the company retire the first lien notes through the issuance of $95.2 million in new notes to Richmond Hill, Ont.’s Canso Investment Counsel Ltd. The deal is on what Postmedia calls “substantially similar terms” and has an interest rate of 8.25%.

The new deal will see the debt come to maturity on July 15, 2023.

You can read the more about the plan here.