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Transcontinental Completes $125 Million Note Offering in the United States

Thursday, December 19, 2002

Press release from the issuing company

MONTREAL, QUEBEC--G.T.C. Transcontinental Group Ltd. today completed, as expected, the issue of Senior Unsecured Notes to institutional investors in the United States which was announced on December 11th. The Notes were issued in two tranches for a principal amount of US$125 million. The first tranche of US$75 million will be repayable at maturity in December 2012 and will bear interest at a rate of 5.62%; the second tranche of US$50 million will also be repayable at maturity in December 2014 and will bear interest at a rate of 5.73%. The issue was done by way of a private placement in the United States. Banc of America Securities LLC acted as advisor and placement agent. It was Transcontinental's first issue in the US market, and the company took advantage of the historically low interest rates to spread debt maturities over a longer time frame and reduce its exposure to interest rate fluctuations.




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