DBRS Finalizes Rating of Transcontinental’s Preferred Share Offering at Pfd-3 (high)

DBRS has today finalized its provisional Pfd-3 (high) rating of Transcontinental’s preferred share program as per its finalized $500 million short-form base shelf prospectus dated September 17, 2009.

Additionally, DBRS has assigned a rating of Pfd-3 (high) to the $100 million 6.75% Series D Preferred Share issue of Transcontinental announced today. The shares consist of cumulative rate reset preference shares. The trend is Stable.

The Series D Preferred Shares will rank pari passu with any other preferred shares (none currently outstanding) and are entitled to preference over the second preferred shares (none currently outstanding) and the Class A, Class B and any other shares that rank junior to these preferred shares.

DBRS expects Transcontinental to use the proceeds from this preferred share issue for repaying existing indebtedness and for general corporate purposes.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Printing and Publishing, which can be found on our website under Methodologies.

This is a Corporate (Telecom/Media/Technology) rating.