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Transcontinental Puts in Place a New $400 Million Credit Facility

February 20, 2012
MONTREAL—Feb. 20, 2012—Transcontinental Inc. announced that it has put in place a new $400 million (CAD) five-year unsecured revolving credit facility that expires in February 2017. This facility can be extended on an annual basis for one-year periods, subject to lenders’ approval. It was arranged by a group of eight financial institutions led by the Canadian Imperial Bank of Commerce and Scotiabank.

The company’s current credit facility will remain in place until its expiry in September 2012, but has been reduced to $200 million. As of Oct. 31, 2011, Transcontinental had drawn $181.7 million on this facility.

“We are very pleased that our financial partners continue to demonstrate their confidence in our company, strategy and prospects. This agreement provides us with the flexibility we need to pursue our strategic plan and also recognizes our disciplined approach to financial management, including our strong balance sheet with a net debt to EBITDA ratio of 1.4x, our cash flow generating ability and our investment grade credit rating,” said Nelson Gentiletti, chief financial and development officer.

About Transcontinental
TC Transcontinental creates marketing products and services that allow businesses to attract, reach and retain their target customers. The Corporation is the largest printer in Canada and the fourth-largest in North America. As the leading publisher of consumer magazines and French-language educational resources, and of community newspapers in Quebec and the Atlantic provinces, it is also one of Canada's top media groups. TC Transcontinental is also the leading door-to-door distributor of advertising material in Canada through its celebrated Publisac network in Quebec and Targeo in the rest of Canada.

Source: Transcontinental.
 

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