Quebecor World Inc. Closes Preferred Share Financing
Press release from the issuing company
MONTREAL, CANADA--Quebecor World Inc. has completed its offering of 7,000,000, 6.90% Cumulative Redeemable First Preferred Shares, Series 5 at a price of CDN$25.00 per share.
The initial issue of 6,000,000 shares was purchased by a syndicate of underwriters led by Scotia Capital Inc., BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc. The underwriters also exercised an option to purchase an additional 1,000,000 shares. The total proceeds raised from the offering is CDN$175,000,000. This represents approximately 2% of Quebecor World's total capital structure.
The net proceeds of this offering will be used to invest in capital expenditures in the United States and for general corporate purposes. "This allows us to continue to diversify our funding sources and to make investments that contribute to our further growth,'' said Christian Paupe, Executive Vice-President of Quebecor World. "The strong demand demonstrates investor confidence in our industry and in Quebecor World as the global leader in print media.''
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