Quebecor Media gets early tenders for 14.96% of 7¾% notes in offer

By Susanna Moon

Chicago, March 16 - Quebecor Media Inc. said holders tendered and that it accepted $78,527,000, or about 14.96%, of its 7¾% senior notes due March 15, 2016 by the early participation deadline of 5 p.m. ET on March 14.

The company will pay $1,028.33 for each $1,000.00 principal amount of notes tendered by the early date, which includes an early tender premium, according to a company press release.

The company said on March 1 that it would pay $1,025.83 per $1,000 of notes, including a $2.50 fee for early tendered notes.

Quebecor is tendering for up to $260 million of the notes.

Holders also will receive accrued interest to but excluding the payment date, which was expected to be March 16 for early tendered notes.

The offer will continue to run until 12:01 a.m. ET on March 28.

Those who tender after the early deadline will receive only the base payment.

The company said it plans to redeem $100 million principal amount of the notes on April 13 at 102.583% of par plus accrued interest.

Notes tendered after the early participation date will be settled within two business days after the offer ends.

As previously noted, there is no minimum tender condition. There is, however, a financing condition requiring subsidiary Videotron Ltd.'s completion of financing of no less than $750 million.

Any acquired notes will be retired and canceled.

The withdrawal deadline has passed.

Bank of America Merrill Lynch (888 292-0070 or call collect 646 855-3401) and Citigroup (800 558-3745 or call collect 212 723-6106) are the dealer managers. Global Bondholder Services Corp. is the tender and information agent (866 937-2200 or call collect 212 430-3774).

Montreal-based Quebecor Media is a subsidiary of Quebecor Inc., one of Canada's largest communications and media companies.

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