Quebecor Media Inc. Prices its New C$ Senior Notes Due 2021
December 15 2010 - 5:06PM
Marketwired
Quebecor Media Inc. today announced the pricing of its new C$
senior notes due 2021 of an aggregate principal amount of C$325.0
million. The new senior notes will be sold at par, will carry a
coupon of 7 3/8 % and will mature on January 15, 2021. Quebecor
Media intends to use the net proceeds of this offering to effect a
contribution (the "QMI Contribution") to Sun Media Corporation (or
its affiliate) and for general corporate purposes. Sun Media
intends to use the proceeds of the QMI Contribution to finance the
redemption and retirement of its outstanding 7 5/8 % senior notes
due February 15, 2013 (the "Sun Media Notes") on or about February
15, 2011 and to finance the settlement and termination of related
hedging contracts. As of the date hereof, the aggregate principal
amount outstanding of the Sun Media Notes is US$205.0 million.
This press release is not an offer to sell or buy or the
solicitation of an offer to buy or sell securities in any
jurisdiction. The securities mentioned herein 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 securities in Canada will be made on a basis which is exempt
from the prospectus requirements of such securities laws. The
Quebecor Media senior notes mentioned herein have not been and will
not be registered under the United States Securities Act of 1933,
as amended (the "Securities Act"), or under the securities laws of
any other jurisdiction, and may not be offered or sold in the
United States or to a U.S. person absent registration under, or an
applicable exemption from the registration requirements of, the
Securities Act.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the United States Securities Act of
1933, as amended, and Section 21E of the United States Securities
Exchange Act of 1934, as amended, and forward-looking information
within the meaning of National Instrument 51-102 Continuous
Disclosure Obligations in Canada (collectively, "forward-looking
statements"). All statements other than statements of historical
facts included in this press release, including statements
regarding our prospects, plans, financial position and business
strategy may constitute forward-looking statements. These
forward-looking statements are based on current expectations,
estimates, forecasts and projections about the industries in which
we operate as well as beliefs and assumptions made by our
management. Such statements include, in particular, statements
about our plans, prospects, financial position and business
strategies. Words such as "intend," "may," "will," "expect,"
"continue," "estimate," "anticipate," "plan," "foresee," "believe"
or "seek" or the negatives of these terms or variations of them or
similar terminology are intended to identify such forward-looking
statements. Although we believe that the expectations reflected in
these forward-looking statements are reasonable, these statements,
by their nature, involve risks and uncertainties and are not
guarantees of future performance. Such statements are also subject
to assumptions concerning, among other things: our anticipated
business strategies; anticipated trends in our business; and our
ability to continue to control costs. We can give no assurance that
these estimates and expectations will prove to have been correct.
Actual outcomes and results may, and often do, differ from what is
expressed, implied or projected in such forward-looking statements,
and such differences may be material.
Some important factors that could cause actual results to differ
materially from those expressed in these forward-looking statements
include, but are not limited to: our ability to successfully
continue rolling-out and developing our new 3G+ network and
facilities-based mobile offering; general economic, financial or
market conditions and variations in the businesses of our local,
regional or national newspapers and broadcasting advertisers; the
intensity of competitive activity in the industries in which we
operate, including competition from alternative means of programs
and content transmission; fragmentation of the media landscape; new
technologies that would change consumer behaviour towards our
product suite; unanticipated higher capital spending required in
the deployment of our 3G+ network or to address continued
development of competitive alternative technologies, or the
inability to obtain additional capital to continue the development
of our business; our ability to implement successfully our business
and operating strategies and manage our growth and expansion; our
ability to successfully restructure our newspapers operations to
optimize their efficiency in the context of the changing newspapers
industry; disruptions to the network through which we provide our
digital television, Internet access and telephony services, and our
ability to protect such services from piracy; labour disputes or
strikes; changes in our ability to obtain services and equipment
critical to our operations; changes in laws and regulations, or in
their interpretations, which could result, among other things, in
the loss (or reduction in value) of our licenses or markets or in
an increase in competition, compliance costs or capital
expenditures; our substantial indebtedness, the tightening of
credit markets, and the restrictions on our business imposed by the
terms of our debt; and interest rate fluctuations that affect a
portion of our interest payment requirements on long-term debt. We
caution you that the above list of cautionary statements is not
exhaustive. These and other factors could cause actual results to
differ materially from our expectations expressed in the
forward-looking statements included in this press release, and you
are encouraged to read the section entitled "Risk Factors" of
Quebecor Media's annual report on Form 20-F for the year ended
December 31, 2009 as well as the section entitled "Risks and
Uncertainties" in the Management Discussion and Analysis report for
the year ended December 31, 2009 prepared by Quebecor Inc. for
further details and descriptions of these and other factors. We
will not update these statements unless applicable securities laws
require us to do so.
About Quebecor Media
Quebecor Media Inc. is a subsidiary of Quebecor Inc. (TSX:
QBR.A)(TSX: QBR.B), a communications company with operations in
North America, Europe and Asia. Quebecor Media owns operating
companies in numerous media-related businesses: Videotron Ltd., an
integrated communications company engaged in cable television,
interactive multimedia development, Internet access services, cable
telephony and wireless telephone service; Sun Media Corporation,
the largest publisher of newspapers in Canada; Canoe.ca., operator
of a network of English and French language Internet properties in
Canada; Quebecor Media Network, provider of flyer printing and
distribution services; 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; Nurun Inc., a major interactive technologies and
communications agency with offices in Canada, the United States,
Europe and Asia; magazine publisher TVA Publishing Inc.; book
publishers and distributors Sogides Group Inc. and CEC Publishing
Inc.; Archambault Group Inc. and TVA Films, companies engaged in
the production, distribution and retailing of cultural products; Le
SuperClub Videotron ltee, a DVD and console game rental and retail
chain; and Quebecor MediaPages, publisher of print and online
directories.
Contacts: Quebecor Inc. and Quebecor Media Inc. Jean-Francois
Pruneau Chief Financial Officer 514-380-4144
jean-francois.pruneau@quebecor.com Quebecor Media Inc. J. Serge
Sasseville Vice President, Corporate and Institutional Affairs
514-380-1864 serge.sasseville@quebecor.com
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