SWP Debt Restructuring Plan Approved

REGINA - Feb 4/03 - SNS -- The Saskatchewan Wheat Pool's (SWP) revised debt restructuring proposal was accepted by Medium Term Noteholders (MTNs) by an overwhelming majority at a special meeting held here today.

Holders of two series of Pool Medium Term Notes (MTNs) supported the restructuring proposal as amended on February 3, 2003. Holders of the first series of $150 million in MTNs, due in 2004, approved the proposal by a vote of 85.0%, and holders of the second series of $150 million, due in 2007, approved it by 88.7%. The banks had earlier indicated their support for the consensual restructuring plan, contingent on MTN approval.

"We are elated with the results and look forward to getting back to what we do best - buying and selling grain and providing top-quality products and services to our producer customers," said Pool CEO Mayo Schmidt. "It's been a long process, but today's approval gives us the momentum we need to push forward with our plan to return the Pool to profitability."

The restructuring will see the two current series of MTNs, along with $105 million of bank term debt, exchanged for two new series of Notes, both due in November 2008. For each $1000 of MTNs, holders will get $370.37 of Senior Subordinated Notes, $629.63 of Convertible Subordinated Notes, and 56.637128 Class B shares.

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