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Quebecor World Settles Terms of $600 Million Senior Notes

Press release from the issuing company

MONTREAL--Oct. 29, 2003-- Quebecor World Inc. announced today that its wholly-owned subsidiary, Quebecor World Capital Corporation, has settled the terms of its previously announced private placement of Senior Notes. The Senior Notes will be unconditionally guaranteed on a senior unsecured basis by Quebecor World Inc. The offering will consist of US$200 million aggregate principal amount of 4 7/8% Senior Notes due November 15, 2008 and US$400 million aggregate principal amount of 6 1/8% Senior Notes due November 15, 2013. The Senior Notes will be sold at a discount to their face amount which will yield net proceeds of approximately US$596.8 million. The offering is scheduled to close on November 3, 2003. The proceeds from the sale of the Senior Notes will be used to repay outstanding indebtedness including the 8 3/8% Senior Notes due 2008 (callable on or after November 15, 2003) and the 7 3/4% Senior Notes due 2009 (callable on or after February 15, 2004) of Quebecor World's wholly-owned subsidiary Quebecor World (USA) Inc. which will result in estimated annual pre-tax savings of approximately $12 million for Quebecor World, and one-time after tax charges estimated at $18.5 million related to redemption premiums and write-offs of unamortized assets and liabilities in connection with the repayment.