Videotron to settle early tenders for 32.88% of 6 7/8% notes Wednesday

By Susanna Moon

Chicago, March 14 - Videotron Ltd. said that holders tendered and it accepted $129,886,000, or about 32.88%, of its $395 million of outstanding 6 7/8% senior notes due Jan. 15, 2014 by the early deadline at 5 p.m. ET on March 13.

The company expects to settle the notes on March 14.

As previously noted, the company will pay par for the notes plus an early participation fee of $1.25 for each $1,000 principal amount of notes tendered by the early tender date.

Holders also will receive accrued interest.

There is about $265,114,000 of the notes now outstanding, according to a company press release.

Holders may continue to tender notes until 12:01 a.m. ET on March 28 but will no longer be eligible to receive the early participation premium.

The offer began on Feb. 29.

The offer is not conditioned on any minimum amount of notes being tendered but is subject to a financing transaction with proceeds of at least $500 million, according to a company press release.

Videotron previously said it expects to settle any remaining tendered notes within two business days after the offer expires.

Bank of America Merrill Lynch (888 292-0070 or collect 646 855-3401) is dealer manager, and Global Bondholder Services Corp. (866 470-4300 or collect 212 430-3774) is the tender and information agent.

Videotron also will redeem any remaining notes at par plus accrued interest on March 30, according to a separate press release.

Wells Fargo Bank, NA is trustee and paying agent.

Videotron is the cable, internet and mobile phone subsidiary of Quebecor Media Inc.

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