Quebecor Media tenders for 7¾% notes due 2016; also issues call

By Jennifer Chiou and Toni Weeks

New York, March 26 - Quebecor Media Inc. announced the start of a cash tender offer for any and all of its 7¾% senior notes due March 15, 2016.

The offer will end at 12:01 a.m. ET on April 24.

For each $1,000 principal amount, the company is offering $972.50, including a $30.00 early participation amount for those who tender prior to 5 p.m. ET on April 8.

The withdrawal deadline coincides with the early deadline.

Quebecor will also pay accrued interest to the settlement 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.

The company also issued on Wednesday a call to redeem its outstanding $380 million 7¾% notes. According to a separate press release, the notes will be redeemed at par plus accrued interest up to the redemption date, which will be April 25. The issuer will also pay $27.98611 in accrued interest per $1,000 principal amount of notes. U.S. Bank is the paying agent for the redemption.

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

Quebecor is a Montreal-based media company.

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