Integrated Asset Management Corp. (TSX: IAM) announced that its private corporate debt group, IAM Private Debt Group closed on April 12, 2017 a senior loan to SaltWire Network Inc.
IAM’s funding will assist SaltWire Network in working capital needs and asset purchase of Transcontinental’s Atlantic Canada newspapers.
On April 13, 2017, Transcontinental Inc. (TSX: TCL.A, TCL.B) sold its publication portfolio in Nova Scotia, Prince Edward Island, Newfoundland and Labrador, and New Brunswick to SaltWire Network Inc. The sale included the sale of 28 brands and web-related properties, four printing plants operated within its Media Sector, commercial printing activities in the province of Newfoundland and Labrador as well as distribution activities in Atlantic Canada.
“IPD’s strong support and professional team of analysts was instrumental in the success of the transaction,” said SaltWire President and CEO Mark Lever.
SaltWire Network Inc. is now the publisher of 35 media titles throughout the Atlantic Provinces.
IAM Private Debt Group currently is investing its $667 million fifth fund, Integrated Private Debt Fund V LP.
photo credit: Cape Breton by Ted Liu