(LOGO)
NEWS RELEASE
For immediate release
October 6, 2005
CANWEST PRICES TENDER OFFERS
Winnipeg, Manitoba, -- CanWest MediaWorks Inc. ("CanWest"), a wholly-owned
subsidiary of CanWest Global Communications Corp., today announced that it has
priced its cash tender offers for any and all of its outstanding 10-5/8% Senior
Subordinated Notes due 2011 and 7-5/8% Senior Unsecured Notes due 2013.
If the offers are consummated, CanWest will pay US$1,086.38 for each US$1,000
principal amount of the Senior Subordinated Notes and US$1,101.91 for each
US$1,000 principal amount of the Senior Unsecured Notes purchased in the offers,
in each case plus accrued and unpaid interest up to the date of payment. The
purchase price for the Senior Subordinated Notes was calculated using a yield
equal to a fixed spread of 50 basis points plus the yield to maturity of the
2.000% U.S. Treasury Note due May 15, 2006 (corresponding to the bid-side price,
as indicated on Bloomberg screen PX3 at 2:00 p.m. EDT today). The purchase price
for the Senior Unsecured Notes was calculated using a yield equal to a fixed
spread of 50 basis points plus the yield to maturity of the 2.625% U.S. Treasury
Note due May 15, 2008 (corresponding to the bid-side price, as indicated on
Bloomberg screen PX5 at 2:00 p.m. EDT today). The purchase price for Notes of
each series includes an early tender premium that is equal to US$30.00 per
US$1,000 principal amount of the Notes. Holders of Notes tendered after the
early tender premium deadline will not receive the early tender premium.
The expiration time for both offers is midnight Eastern Daylight Time on October
12, 2005, subject to extension. CanWest plans to pay for the Notes that it
purchases on the business day after the relevant offer expires, or as soon as
practicable after that date. The withdrawal deadline for the offers has now
passed and holders cannot withdraw any Notes that they have tendered, or the
related consents that they have given, unless CanWest permits them to do so.
Each of the offers is subject to conditions set forth in the Offers to Purchase
and Consent Solicitations dated September 8, 2005 that CanWest has distributed
to holders of the Senior Subordinated Notes and Senior Unsecured Notes.
Citigroup Global Markets Inc. is the dealer manager and Global Bondholder
Services Corporation is the depositary and information agent for the tender
offers and consent solicitations.
Requests for documents relating to the tender offers and consent solicitations
may be directed to Global Bondholder Services Corporation by telephone at 1-866
470-4500 (toll free) or 1-212 430-3774 or in writing at 65 Broadway, Suite 74,
New York, NY, 10006. Questions regarding the
tender offers and consent solicitations may be directed to Citigroup Global
Markets Inc., Liability Management Group, at 1-800-558-3745 (toll free) or
1-212-723-6106 (collect).
This news release is neither an offer to purchase nor a solicitation of an offer
to sell the Notes. The offers are being made only pursuant to the Offers to
Purchase and Consent Solicitations dated September 8, 2005 that CanWest has
distributed to holders of the Senior Subordinated Notes and Senior Unsecured
Notes.
CanWest MediaWorks Inc. is a wholly-owned subsidiary of CanWest Global
Communications Corp. (NYSE: CWG; TSX: CGS.SV and CGS.NV;
www.canwestglobal.com), an international media company. CanWest, Canada's
largest publisher of daily newspapers, owns, operates and/or holds
substantial interests in newspapers, conventional television, out-of-home
advertising, specialty cable channels, radio networks and websites in Canada,
New Zealand, Australia, the Republic of Ireland, and the United Kingdom.
For further information, please contact:
Geoffrey Elliot John Maguire
Vice President, Corporate Affairs Chief Financial Officer
Tel: (204) 956-2025 Tel: (204) 956-2025
Fax: (204) 947-9841 Fax: (204) 947-9841
gelliot@canwest.com jmaguire@canwest.com