Torstar buyer says Canso picked to provide financing because of media experience
Posted May 29, 2020 3:15 pm.
Last Updated May 29, 2020 3:24 pm.
TORONTO — A private investment company that is a major backer of Postmedia Network Corp. has agreed to provide financing for NordStar Capital’s acquisition of Torstar Corp., the owner of the Toronto Star and other newspapers.
NordStar says it considered several sources of outside funding and chose Canso Investment Counsel Ltd. because of its experience in the Canadian media industry.
Canso didn’t immediately respond to a request for information about its involvement in the NordStar deal, but public documents filed by Postmedia this month say the lender provided $93.5 million after fees in September for a refinancing of the company’s debt.
NordStar says Canso’s involvement in its Torstar deal will be disclosed in public fillings during the takeover process.
NordStar is a new company formed by Toronto businessmen Jordan Bitove and Paul Rivett, who have backgrounds in corporate finance.
Prior to forming NordStar, Bitove helped launch the Toronto Raptors and Rivett served as the president of investment giant Fairfax Financial Holdings, which is an investor in Torstar.
Torstar holds an investment in The Canadian Press as part of a joint agreement with subsidiaries of the Globe and Mail and Montreal’s La Presse.
— with files from Tara Deschamps
This report by The Canadian Press was first published May 29, 2020.
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