Videotron Ltd. ("Videotron") today announced that, in connection
with its previously announced cash tender offer (the "Tender
Offer") for Videotron's 6 7/8% Senior Notes due January 15, 2014
(CUSIP 92658TAG3) (the "Notes") which expired at 12:01 a.m., New
York City time, on March 28, 2012 (such date and time, the
"Expiration Date"), the tender offer and information agent for the
Notes under the Tender Offer has advised Videotron that
US$1,140,000 aggregate principal amount of the Notes has been
validly tendered and not withdrawn pursuant to the Tender Offer at
or prior to the Expiration Date that had not been previously
validly tendered and not withdrawn at or prior to 5:00 p.m., New
York City time, on March 13, 2012 (the "Early Participation Date").
Such amount, together with the US$129,886,000 aggregate principal
amount of Notes previously accepted and purchased by Videotron as
announced on March 14, 2012, represent approximately 33.17% of the
aggregate principal amount of Notes outstanding immediately prior
to the Early Participation Date.
Videotron today accepted for purchase US$1,140,000 aggregate
principal amount of Notes, at a purchase price of US$1,000.00 for
each US$1,000.00 principal amount of Notes validly tendered after
the Early Participation Date but at or prior to the Expiration Date
and not withdrawn. In addition, all holders of Notes accepted for
purchase in the Tender Offer will also receive accrued and unpaid
interest on the Notes from the last interest payment date to, but
not including, the payment date. Videotron intends to settle
payment for the Notes accepted for purchase by no later than March
29, 2012.
Based on the foregoing, approximately US$263,974,000 aggregate
principal amount of Notes had not been tendered as of the
Expiration Date. As announced on February 29, 2012, Videotron
intends to redeem, on March 30, 2012, all of the Notes not validly
tendered and accepted in the Tender Offer at a price equal to
100.000% of such Notes, plus accrued and unpaid interest pursuant
to the terms of the indenture governing the Notes.
This announcement does not constitute an offer to buy or the
solicitation of an offer to sell securities in any jurisdiction or
in any circumstances in which such offer or solicitation is
unlawful. In those jurisdictions where the securities laws require
the Tender Offer to be made by a licensed broker or dealer, the
Tender Offer was deemed to be made by the Dealer Manager or one or
more registered brokers or dealers licensed under the laws of such
jurisdiction. The securities mentioned herein have not been
registered under the United States Securities Act of 1933 or
applicable state securities laws, and the securities may not be
offered or sold in the United States absent registration or an
applicable exemption from registration. 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 and dealer registration
requirements of such securities laws.
About Videotron
Videotron, a wholly-owned subsidiary of Quebecor Media Inc., is
an integrated communications company engaged in cable television,
interactive multimedia development, and Internet access, cable
telephone and mobile telephone services. Videotron is a leader in
new technologies with its interactive Digital TV service and its
broadband network, which supports high-speed cable Internet access,
analog and digital cable television, and other services. As of
December 31, 2011, Videotron was serving 1,861,477 cable television
customers, including 1,400,814 subscribers to its digital service.
Videotron is also the Quebec leader in high-speed Internet access,
with 1,332,551 subscribers to its cable service as of December 31,
2011. As of the same date, Videotron had 290,578 subscriber
connections to its mobile telephone service and was providing cable
telephone service to 1,205,272 Quebec households and organizations.
For the seventh consecutive year, Videotron was named Quebec's most
respected telecommunications company by Les Affaires magazine,
based on a Leger Marketing survey.
Forward-Looking Statements
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation and
"forward-looking statements" within the meaning of United States
federal securities legislation (collectively, "forward-looking
statements"). All statements other than statements of historical
facts included in this press release, including statements
regarding our industry and 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 "may," "will," "expect," "continue,"
"intend," "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: general economic, financial or market
conditions; the intensity of competitive activity in the industries
in which we operate, including competition from alternative means
of programs and content transmission; new technologies that would
change consumer behaviour toward our product suite; unanticipated
higher capital spending required 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;
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 "Item 3. Key Information - Risk Factors" as well as
statements located elsewhere in Videotron's annual report on Form
20-F for the year ended December 31, 2011 for further details and
descriptions of these and other factors. Each of these
forward-looking statements speaks only as of the date of this press
release. We will not update these statements unless applicable
securities laws require us to do so.
Contacts: Jean-Francois Pruneau Vice President Videotron 514
380-4144 For media only Elodie Girardin-Lajoie Specialist Corporate
Communications Videotron 514 380-7772
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