By: Press Release | Postmedia Network
October 12, 2012 (TORONTO) – Postmedia Network Canada Corp. (“Postmedia” or the “Company”) today announced that, further to its announcement of June 26, 2012, it has completed the sale of the property at 1450 Don Mills Road in Toronto to The Rose & Thistle Group Ltd.
Postmedia will apply the net proceeds of the sale (approximately C$23.2 million) to redeem an equal amount of senior secured notes due 2017 in accordance with the provisions of the note indenture.
Postmedia will lease back the property for a period of 18 months. As previously announced, Postmedia has entered into a lease agreement for its new head office at 365 Bloor Street East in downtown Toronto, which lease commences December 1, 2013.