Quebecor Inc. Ammends Secondary Offering of Quebecor World Shares
Press release from the issuing company
MONTREAL, Nov. 25 - Quebecor Inc. announced today that it has amended its November 21, 2002 agreement with TD Securities Inc. such that TD Securities Inc. will purchase 6.8 million subordinate voting shares of Quebecor World Inc. held by it for $36.00 per share. This secondary offering will allow Quebecor to improve its overall financial condition, while maintaining control of Quebecor World, the largest commercial printer in the world.
Quebecor Inc. will realize proceeds of $244.8 million in connection with this transaction which will be used to repay current bank indebtedness of Quebecor and Quebecor Media Inc., as well as for other general corporate purposes. Following completion of this offering, and assuming the exchange of 12,500,000 shares of Quebecor World pursuant to Quebecor's exchangeable debenture issued in February 2001, Quebecor will hold approximately 76.3% of the voting rights and 24.5% of the equity of Quebecor World.
Quebecor World will not receive any proceeds from this secondary offering. Subject to receiving regulatory approvals, the transaction is expected to close on December 9, 2002.
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