MONTREAL, CANADA--Quebecor World Inc. announced today that its wholly-owned subsidiary Quebecor World Capital Corporation has successfully closed its offering of US$200 million aggregate principal amount of 47/8% Senior Notes due November 15, 2008 and US$400 million aggregate principal amount of 61/8% Senior Notes due November 15, 2013. The proceeds from the sale of the Senior Notes will be used to repay outstanding indebtedness including the 83/8% Senior Notes due 2008 (callable on or after November 15, 2003) and the 73/4% 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. "This transaction is one more aspect of our ongoing efforts to reduce costs and improve efficiencies in all aspects of our business," said Jean Neveu, President and CEO of Quebecor World Inc. "The savings in financial expenses that will result from this offering, together with our reductions in our work force, lower SG&A expenses and ongoing procurement initiatives will contribute to improved results as we move forward."