WHITBY, ONTARIO -- (Marketwired) -- 04/26/13 -- Attention: Business/Financial Editors
McGraw-Hill Ryerson Limited (TSX: MHR) announced today that it has established a treasury support program pursuant to which MHR expects to make loans from time to time to certain affiliates of McGraw-Hill Global Education Holdings, LLC, an affiliate of MHR, in exchange for interest-bearing, demand promissory notes. The loans will be secured through a guarantee issued by McGraw-Hill Global Education Holdings, LLC. MHR expects that the establishment of the treasury support program will allow it to generate higher returns on the uncommitted cash resources of MHR from time to time.
The aggregate fair market value of the Notes issued pursuant to the treasury support program, will not, at any time, exceed the lesser of: (a) 25% of MHR's then-current market capitalization; and (b) $15,000,000. The treasury support program will constitute a "related party transaction" for purposes of MI 61-101 - Protection of Minority Security Holders in Special Transactions, but is exempt from the formal valuation and minority shareholder approval requirements.
McGraw-Hill Ryerson Limited
Chief Financial Officer and Secretary-Treasurer
Most Popular Stories
- Updates on Everglades' Stranded Pilot Whales
- NSA Tracks 5 Billion Cellphone Records a Day
- Hezbollah Chief's Assassination Claimed by Sunni Group
- Stolen Cobalt-60 Recovered in Mexico
- Wind Power and Wildlife Can Coexist
- Ford Mustang Still Packs Power
- Allstate Seeks to Invest in Minority Firms
- Sarmiento to Handle Greeley Latin Ops
- First-time Jobless Claims Drop Below 300,000
- White House Pushes to Extend Unemployment Benefits