SWP Financial Restructuring Complete

REGINA - Mar 14/03 - SNS -- The Saskatchewan Wheat Pool has completed details of its financial restructuring plan.

Holders of the Pool's Medium Term Notes (MTNs) that were to mature in 2004 and 2007 will receive interest that has accrued from the last payment up to and including March 13, 2003. In addition, two new series of notes maturing in November 2008 will be issued in exchange for the old notes. Noteholders will also receive 56.637128 Class B non-voting shares for each $1,000 principal amount of MTNs held.

The new notes, Senior Subordinated Notes and Convertible Subordinated Notes, will carry annual interest rates of eight and nine per cent, respectively. The interest on the Senior Notes will be paid quarterly and will increase to 12 per cent after July 2005. The first payment is due April 30, 2003.

The interest on the Convertible Notes will accrue and compound annually to maturity. Interest payments may be made on the Convertible Notes following the Pool's 2006 fiscal year, should the company meet certain financial targets. The Convertible Notes may be converted at the option of the holder at any time following the initial exchange and prior to maturity, at a rate of 2,227 Class B shares per $1,000 principal amount of notes held.

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