Quebecor Media gets tenders for $89.1 million of 7¾% notes so far

By Angela McDaniels

Tacoma, Wash., April 9 - Quebecor Media Inc. had received tenders for $89,095,000 principal amount, or 23.45%, of its $380 million 7¾% senior notes due March 15, 2016 as of 5 p.m. ET on April 8, and the company accepted all of the tendered notes for purchase, according to a company news release.

A tender offer for the notes began March 26 and will continue until 12:01 a.m. ET on April 24.

The purchase price is $1,002.50 per $1,000 principal amount of notes tendered by the early participation date, 5 p.m. ET on April 8. This price includes a $30.00 early participation amount.

The company will also pay accrued interest up to but excluding the settlement date, which was expected to be April 9 for notes tendered by the early participation date.

There is no minimum tender condition. The offer is, however, conditioned on Videotron Ltd.'s completion of a financing transaction of no less than $500 million.

As previously reported, the company plans to redeem on April 25 all of the notes outstanding on that date at par plus accrued interest.

BofA Merrill Lynch (888 292-0070 or 980 388-3646) and Citigroup (800 558-3745 or 212 723-6106) are the dealer managers for the tender offer. Global Bondholder Services Corp. (866 470-4200 or 212 430-3774) is the information agent.

Quebecor is a Montreal-based media company.

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