CanWest raises nearly $1 billion

TORONTO – CanWest Global Communications Corp. is raising $950 million by putting into place new senior secured credit facilities. More than half of that will be syndicated by the Bank of Nova Scotia with a $250 million revolving facility and a $250 million term loan. Scotia Capital and Citi are leading the placement of a $450 million institutional loan. CanWest intends to use the proceeds to refinance part of a $1.3 billion short-term loan facility announced this May relating to the proposed privatization of the CanWest MediaWorks Income Fund. CanWest also intends to refinance the remainder of the short-term facility...