Quebecor World Announces 136 Million Euros Financing for MAN equipment
Press release from the issuing company
MONTREAL--Jan. 16, 2006-- Quebecor World Inc. announced today that it has concluded an agreement with Societe Generale Corporate and Investment Banking for the Canadian dollar equivalent of 136 million Euros long term committed credit facility relating to the Company's purchase of MAN Roland presses as part of its previously announced U.S. re-tooling program.
The unsecured facility will be drawn over the course of the next 25 months, and repaid over the next 10 years. The facility will provide funding at a cost that is below that of the Company's conventional unsecured financing alternatives.
According to Jacques Mallette, Quebecor World's Executive Vice-President and Chief Financial Officer, "This facility provides low cost funding while further diversifying our sources of capital. Combined with the December, 2005 renewal and extension of our $1 billion credit facility to 2009, the Company now has a very solid liquidity position going into 2006."
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