Sirius XM Canada completes recapitalization and go-private transaction
On May 25, 2017, Sirius XM Canada Holdings Inc. completed its statutory plan of arrangement whereby all its shares were acquired by a corporation, 2517835 Ontario Inc., owned by Slaight Communications Inc., Obelysk Media Inc. and Sirius XM Radio Inc. Canadian Broadcasting Corporation ("CBC") was one of the controlling shareholders of Sirius XM Canada prior to the transaction and supported the deal.
Sirius XM Canada Holdings also announced that it will be redeeming all of its outstanding 5.625% senior unsecured notes due April 23, 2021, at a redemption price equal to 102.813% of the principal amount of the Existing Notes plus accrued and unpaid interest.
The arrangement, which was announced on May 13, 2016, was approved at the special meeting of shareholders held on August 30, 2016, by the Ontario Superior Court of Justice (Commercial List) on September 6, 2016, and by the Canadian Radio-television and Telecommunications Commission on April 26, 2017.
Sirius XM Canada Holdings Inc. operates as SiriusXM Canada. With more than 2.8 million subscribers, SiriusXM Canada, is the country’s leading audio entertainment company. It broadcasts more than 130 satellite radio channels featuring premier sports, news, talk, entertainment and music.
CBC is a Canadian federal Crown corporation that serves as the national public broadcaster for both radio and television.
McCarthy Tétrault LLP advised CBC with a team that included David Woollcombe and Clemens Mayr.
