Transcontinental Enters into Credit Agreement

Montreal-based Transcontinental Inc. entered into a $275 million and US$90 million amended and restated credit agreement, together with two of its U.S. subsidiaries, as borrowers on March 31, 2003. Such agreement provides for a cross-border financing made available by a syndicate of U.S. and Canadian lenders led by Royal Bank of Canada, as administrative agent, with RBC Capital Markets Inc., as arranger, and National Bank of Canada and The Bank of Nova Scotia, as co-syndication agents. The proceeds of such financing will be used for general corporate purposes and to refinance Transcontinental’s existing facilities.

Transcontinental and its subsidiaries were represented in Canada, by Josée Gravel and Hélène Deschamps Marquis of Stikeman Elliott LLP in Montreal, and in the U.S., by Michael Bellucci and Bridget Marsh of Milbank, Tweed, Hadley & MCloy LLP in New York, assisted in-house by Pierre Poirier, vice-president, legal, administration and secretary, and Dany Meloul, director, legal, and assistant secretary.

The administrative agent, arranger and lenders were represented in Canada, by Christian Sioufi and Catherine Mateu (banking) and Jules Charette (tax) of Ogilvy Renault in Montreal, and in the U.S., by Peter Smedresman (banking) and Steven Glaser (tax) of Moses & Singer LLP in New York.