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Quebecor World Restructures Bank Facility

Tuesday, November 11, 2003

Press release from the issuing company

MONTREAL--Nov. 10, 2003-- Quebecor World Inc. is pleased to announce that it has restructured its existing revolving $1 billion bank facility with a syndicate of 16 banks led by Royal Bank of Canada. The new facility is comprised of three tranches. The first tranche of $250 million matures in November, 2004. The second and third tranches of $250 million and $500 million mature in November, 2006. All three tranches can be extended on a yearly basis. The financial covenants remain unchanged. The facility can be used for general corporate purposes. Quebecor World has also renegotiated certain terms and conditions of its $500 million, U.S. accounts receivable securitization program. The termination events in the new securitization program mirror the financial covenants in the bank facility and replace the previous credit rating termination event. These new agreements are part of the Company's current financial plan that includes the previously announced offering of $600 of Senior Notes by Quebecor World's wholly owned subsidiary Quebecor World Capital Corporation. The proceeds of that offering are being used to refinance existing Senior Notes that will result in annual pre-tax savings of approximately $12 million for Quebecor World. "The offering of senior notes and these new agreements demonstrate the confidence our lenders have in Quebecor World," said Claude Helie, Executive Vice-President and Chief Financial Officer, Quebecor World Inc. "The combined programs reinforce Quebecor World's strong liquidity position and further enhance our financial flexibility allowing us to continue to grow and develop our global platform."




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