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Transcontinental Announces a US$100 Million Note Offering in the United States

Thursday, October 28, 2004

Press release from the issuing company

MONTREAL--Oct. 27, 2004-- Transcontinental today concluded an agreement for an issue of US$100 million of Senior Unsecured Notes to institutional investors through a private placement in the United States. Banc of America Securities LLC acted as advisor and placement agent. The Notes were issued in four tranches maturing in 7, 9 and 11 years and will bear interest at a floating rate. Of the US$100 million, US$52.5 million was received today and US$47.5 million will be received in March 2005 subject to normal closing conditions (see Appendix for details). The Notes will be redeemable under certain conditions from the second anniversary of their issue. Daniel Denault, Transcontinental's vice president and chief financial officer, said: "This is Transcontinental's second issue in the US market and we are once again delighted with how it has been received, as well as the flexibility investors have shown in meeting our needs. The response shows that institutional investors in the United States have confidence in Transcontinental's targeted development strategy and disciplined management. We took advantage of the current positive market conditions for this type of financing to spread debt maturities over various periods, while keeping a balanced allocation of fixed and floating rate debt. This issue will contribute to further enhance Transcontinental's financial flexibility." The net proceeds of the offering will be used in part to reduce bank debt in US dollars and will enable Transcontinental to pursue its strategic development in the United States.

 

 

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