Quebecor World agrees to new facility terms

By Jennifer Chiou

New York, Sept. 28 - Quebecor World Inc. said it has agreed to new terms in its syndicated bank credit facility, including modification of the terms to provide financial flexibility through the January 2009 maturity date.

As part of the new agreement, the Montreal-based commercial printer agreed to a $750 million facility, of which a portion will be secured by a lien on assets.

The amendment also includes a commitment to reduce the facility to $500 million by July 1, 2008 and provides certain restrictions on the use of proceeds and terms of repayment.

Quebecor World said it believes the modified credit facility, combined with other financing initiatives currently under way, should provide it with the required liquidity to execute its business plan.

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