TORONTO, ONTARIO--(Marketwire - Sept. 27, 2012) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) and its private corporate debt group, Integrated Private Debt Corp. ("IPD"), announce the closing on September 4, 2012 of an $18 million senior loan to The Halifax Herald Limited ("The Chronicle Herald").
The capital raised by The Halifax Herald Limited will be used for general corporate purposes.
The Halifax Herald Limited owns and operates The Chronicle Herald, which can trace its roots as 'Nova Scotia's Independent Voice' to 1824. Today The Chronicle Herald is Canada's largest independent news media organization operating from a state-of-the-art press facility in Halifax. The paper reaches over 360,000 readers daily and 520,000 weekly.
Philip Robson, President of IPD said, "We welcome this opportunity to provide The Halifax Herald with long term fixed rate financing at a time when interest rates are near record lows. We are strategically increasing our portfolio of investments in Atlantic Canada and especially pleased to include this well managed family owned company which has been in the Dennis family for four generations."
IPD manages and provides funding from the $1.1 billion Integrated Private Debt Fund LPs on behalf of a number of pension funds and other institutional investors. IPD offers fixed rate, investment grade term loans to mid-market companies for such purposes as refinancing existing debt, acquisitions, plant expansion or modernization, project financing and management buyouts.
IAM is one of Canada's leading alternative asset management companies, with approximately $1.9 billion in assets and committed capital under management in private corporate debt, real estate, managed futures, private equity and retail alternative investments.