Quebecor World Continues to Pursue Financing Options
01 January 2008 - 10:07AM
Marketwired
MONTREAL, CANADA (NYSE: IQW) today announced that with the
assistance of its independent financial advisor, it continues to
actively pursue financing options and solutions to its liquidity
and balance sheet challenges and to explore various strategic
alternatives.
In addition, Quebecor World announced today that to facilitate
its undertaking for financing initiatives, it has obtained from its
banking syndicate and the sponsors of its North American
securitization program waivers until March 31, 2008 from compliance
with certain financial tests under the relevant agreements in
respect of the quarter ended December 31, 2007, in particular, the
maximum Debt-to-EBITDA ratio of 4.50:1.00. These waivers are
subject to a number of conditions including (1) the Company having
obtained, on or before January 15, 2008, U.S.$125 million of new
financing and (2) the Company delivering, on or before January 31,
2008, a "Refinancing Transaction", being comprised of commitments
or other arrangements satisfactory to the Company's lenders which
would reduce the Company's current credit facility to U.S.$500
million by February 29, 2008 and further allow the repayment in
full of the Company's current credit facility and the concurrent
termination of the Company's North American securitization program
on or before June 30, 2008.
In connection with the foregoing, the Company is in active
discussions with major financial institutions in respect of
financing alternatives that could satisfy the conditions under the
aforementioned waivers, although no firm commitments have been
obtained as of the date of this release and there can be no
assurance that such financing commitments will be obtained.
Forward looking statements
This press release may include "forward-looking statements" that
involve risks and uncertainties. All statements other than
statements of historical facts included in this press release,
including statements regarding the prospects of the industry and
prospects, plans, financial position and business strategy of the
Company, may constitute forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995 and Canadian securities legislation and regulations.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "plan," "foresee," "believe" or
"continue" or the negatives of these terms or variations of them or
similar terminology. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that these expectations will
prove to have been correct. Forward-looking statements do not take
into account the effect that transactions or non-recurring or other
special items announced or occurring after the statements are made
have on the Company's business. For example, they do not include
the effect of dispositions, acquisitions, other business
transactions, asset writedowns or other charges announced or
occurring after forward-looking statements are made.
Investors and others are cautioned that undue reliance should
not be placed on any forward-looking statements. For more
information on the risks, uncertainties and assumptions that could
cause the Company's actual results to differ from current
expectations, please refer to the Company's public filings
available at www.sedar.com, www.sec.gov and www.quebecorworld.com.
In particular, further details and descriptions of these and other
factors are disclosed in the "Risks and Uncertainties related to
the Company's business" section of the Company's Management's
Discussion and Analysis for the year ended December 31, 2006, and
the "Risk Factors" section of the Company's Annual Information Form
for the year ended December 31, 2006.
The forward-looking statements in this press release reflect the
Company's expectations as of December 31, 2007 and are subject to
change after this date. The Company expressly disclaims any
obligation or intention to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required by the applicable securities
laws.
About Quebecor World
Quebecor World Inc. (TSX: IQW)(NYSE: IQW) is a world leader in
providing high-value, complete marketing and advertising solutions
to leading retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers. The Company
is a market leader in most of its major product categories, which
include advertising inserts and circulars, catalogs, direct mail
products, magazines, books, directories, digital premedia,
logistics, mail list technologies and other value-added services.
Quebecor World has approximately 28,000 employees working in more
than 115 printing and related facilities in the United States,
Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia,
Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland
and the United Kingdom.
Contacts: Quebecor World Inc. Tony Ross Vice President,
Communications 514-877-5317 800-567-7070 Quebecor World Inc. Roland
Ribotti Vice President, Investor Relations and Assistant Treasurer
514-877-5143 800-567-7070
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