MONTREAL, June 22, 2018 /CNW Telbec/ - Quebecor Inc.
("Quebecor") is pleased to announce that it became today the sole
owner of Quebecor Media Inc. ("Quebecor Media"). Quebecor completed
the previously announced purchase of 1,564,696 shares of Quebecor
Media held by Caisse de dépôt et placement du Québec (the "Caisse")
in consideration of the issuance of a $150
million principal amount convertible debenture of Quebecor,
convertible into Quebecor Class B Subordinate Voting Shares (the
"Convertible Debenture"). In addition, Quebecor Media closed the
repurchase for cancellation of the balance of shares of Quebecor
Media held by the Caisse in consideration of cash payments of
$1,540 million.
The Convertible Debenture has a six-year term maturing in 2024
and bears interest at an annual rate of 4.0%, payable in accordance
with the terms of the trust indenture entered into at the time of
its issuance. The Convertible Debenture is convertible into
Quebecor Class B Subordinate Voting Shares, subject to a floor
price of $26.85 per share (that is, a
maximum number of approximately 5,586,592 shares corresponding to a
ratio of $150 million to the floor
price) and a ceiling price of $33.5625 per share (that is, a minimum number of
approximately 4,469,274 shares corresponding to a ratio of
$150 million to the ceiling price),
subject to adjustments in accordance with the terms of the trust
indenture. The other terms and conditions of the Convertible
Debenture are substantially consistent with the terms of the
convertible debentures issued under Quebecor's trust agreement
dated October 11, 2012, as
amended.
TD Securities acted as financial advisor to Quebecor on the
transaction.
This press release does not constitute an offer to sell or buy
or the solicitation of an offer to buy or sell securities in any
jurisdiction. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933
or any state securities laws and may not be offered or sold in
the United States absent
registration or an applicable exemption from the registration
requirements. The securities referred to herein have not been and
will not be qualified for distribution to the public under
applicable Canadian securities legislation.
About Quebecor
Quebecor, a Canadian leader in telecommunications,
entertainment, news media and culture, is one of the
best-performing integrated communications companies in the
industry. Driven by their determination to deliver the best
possible customer experience, all of Quebecor's subsidiaries and
brands are differentiated by their high-quality, multiplatform,
convergent products and services.
Quebecor (TSX: QBR.A, QBR.B) is headquartered in Québec and
employs more than 10,000 people in Canada.
A family business founded in 1950, Quebecor is strongly
committed to the community. Every year, it actively supports more
than 400 organizations in the vital fields of culture, health,
education, the environment and entrepreneurship.
Visit our website: www.quebecor.com
Follow us on Twitter: twitter.com/Quebecor
SOURCE Quebecor