Quebecor World Settles Terms of US$450 Million of Senior Unsecured Notes
Press release from the issuing company
MONTREAL--March 1, 2006-- Quebecor World Inc. announced today that that it has priced its previously announced private placement of Senior Notes. The increased offering, previously announced at US$300 million, will consist of US$450 million aggregate principal amount of unsecured 83/4% Senior Notes due March 15, 2016. The Senior Notes, which will be sold at par value, will be issued by Quebecor World Capital ULC, a new indirect wholly-owned subsidiary of Quebecor World and will be unconditionally guaranteed on a senior unsecured basis by Quebecor World Inc. and by certain of its other wholly-owned subsidiaries, namely Quebecor World (USA) Inc. and Quebecor World Capital LLC. The net proceeds of the offering of the Senior Notes will be used to repay in full US$250 million aggregate principal amount of 7.20% Senior Notes due March 28, 2006 of Quebecor World's wholly-owned subsidiary, Quebecor World Capital Corporation, and the balance will be used for general corporate purposes and for the reduction of other indebtedness. The new senior notes offering is expected to close on or about March 6, 2006.
The offering is being made on a private placement basis to qualified institutional buyers in the United States in reliance upon Rule 144A under the U.S. Securities Act of 1933, as amended. The new Senior Notes have not been, and will not be, registered under the U.S. Securities Act of 1933 or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The new Senior Notes have not been and will not be qualified for sale to the public under applicable Canadian securities laws and, accordingly, any offer and sale of the Senior Notes in Canada will be made on a basis which is exempt from the prospectus and dealer registration requirements of such securities laws.
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