Andrew Willis / The Globe and Mail – Dec 21, 2023
One of the country’s largest newspaper owners, Postmedia Network Canada Corp. PNC-A-T, recently paid back its long-time Canadian lender by borrowing more money from a U.S. hedge fund and tapping new American creditors.
Toronto-based Postmedia, which runs 130 newspapers and digital properties, paid down the last of a loan from Richmond Hill, Ont.-based Canso Investment Counsel Ltd. at the end of November, according to a recent news release. The Canso loan, which ranked senior to Postmedia’s other debt, would have come due in 2027. Postmedia and Canso had no comment on the repayment.
Postmedia, one of many domestic media platforms lobbying the Canadian government for financial support, raised the money to pay Canso by borrowing an additional US$14.9-million from Chatham Asset Management LLC, a New Jersey-based fund manager.
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