Quebecor Inc. and Tricap Partners Ltd. Announce $400 Million Rescue Financing Proposal to Quebecor World Inc.
January 11 2008 - 5:26PM
Marketwired
MONTREAL, QUEBEC (TSX: QBR.B)and Tricap Partners, a private
equity fund managed by Brookfield Asset Management, announced today
that they have jointly submitted a binding proposal to Quebecor
World Inc. ("QWI)" for a $400 million Rescue Financing Facility
that would avert its liquidity challenges and recapitalize the
company. Quebecor Inc. and Tricap Partners are equal investors in
the facility.
This proposal is subject to certain conditions including the
consent of QWI's banking syndicate, the sponsors of its North
American securitization program and certain other stakeholders.
If the Proposal is accepted by QWI and the requisite consents
are obtained, QI and Tricap will immediately make available $200
million to QWI to ensure it has sufficient liquidity to the closing
date of the Rescue Financing Facility, which is expected to be
March 31, 2008.
QI and Tricap believe this proposal is in the best interests of
all of QWI's stakeholders given QWI's liquidity and balance sheet
challenges within the current North American credit crisis.
Genuity Capital Markets is the financial adviser to Quebecor
Inc.
Quebecor Inc.
Quebecor Inc. (TSX: QBR.A, QBR.B) is a communications company
with operations in North America, Europe, Latin America and Asia.
It has two operating subsidiaries, Quebecor World Inc. and Quebecor
Media Inc. Quebecor World is one of the largest commercial print
media services companies in the world. Quebecor Media owns
operating companies in numerous media related businesses: Videotron
Ltd., the largest cable operator in Quebec and a major Internet
Service Provider and provider of telephone and business
telecommunications services; Quebecor Media's Newspapers segment,
the largest publisher of newspapers in Canada; TVA Group Inc.,
operator of the largest French language over the air television
network in Quebec, a number of specialty channels, and the English
language over the air station Sun TV; Canoe Inc., operator of a
network of English and French language Internet properties in
Canada; Nurun Inc., a major interactive technologies and
communications agency with offices in Canada, the United States,
Europe and Asia; companies engaged in book publishing and magazine
publishing; and companies engaged in the production, distribution
and retailing of cultural products, namely Archambault Group Inc.,
the largest chain of music stores in eastern Canada, TVA Films, and
Le SuperClub Videotron ltee, a chain of video and video game rental
and retail stores. Quebecor Inc. has operations in 18
countries.
Tricap Partners Ltd.
Tricap Management Ltd. was established by Brookfield Asset
Management to provide a source of patient, long-term capital and
strategic assistance to companies experiencing financial or
operational difficulty and has invested and provided significant
financing commitments since its formation in 2001. With strong
industry and financial management expertise, Tricap Management is
well positioned to assist these companies in reaching their full
potential. Brookfield Asset Management, manages approximately $90
billion in assets under management.
Contacts: Quebecor Inc. Luc Lavoie Executive Vice President,
Corporate Affairs 514-380-1974 Cell: 514-947-6672
lavoie.luc@quebecor.com Brookfield Management Denis Couture -
Senior Vice-President, Investor Relations and International Affairs
416-956-5189 Cell: 647-262-2955 dcouture@brookfield.com
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