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Strategies & Market Trends : Ride the Tiger with CD

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To: Claude Cormier who wrote (141423)	2/10/2009 2:41:52 PM
From: Tommaso	Read Replies (1) of 313001

From a footnote in NGD's latest corporate presentation; this essentially wipes out all their long term debt, assuming that the new notes are honored in 2017, and leaves them with a very solid cash position plus good positive cash flow. Remember that they bought back $50 million of their own debt recently, at a big discount. "On January 16, 2009the Ontario Superior Court approved the restructuring ofthe Third Party Asset Back Commercial Paper (“ABCP”) market, which had been frozen since August 2007. On January 21, 2009 the Pan-Canadian Investors Committee for Third Party Structured ABCP announced that the restructuring Plan has now been fully implemented. Under the agreement New Gold willreceive new notes with a par value of CAD $168.9 million, the majority of which will mature in 2017. On closing of the restructuring, New Gold will also receive approximately CAD $5.8 million representingits share of interest earned on its ABCP from August 2007net of restructuring costs.

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