Quebecor World Inc.

Quebecor World Inc.

October 15, 2007 14:47 ET

Quebecor World Announces Percentage for Fixed Dividend Rate on Series 3 Preferred Shares Effective as of December 1, 2007

MONTREAL, CANADA--(Marketwire - Oct. 15, 2007) - Quebecor World Inc. (TSX:IQW)(NYSE:IQW) today announced that the fixed dividend rate for its Series 3 Cumulative Redeemable First Preferred Shares (TSX:IQW.PR.D) (the "Series 3 Preferred Shares") will be equal to 150% of the yield on five-year non-callable Government of Canada bonds to be determined on November 9, 2007. Holders of the Series 3 Preferred Shares will also have the right to convert all or any number of their shares effective as of December 1, 2007, on a one-for-one basis, into Series 2 Cumulative Redeemable First Preferred Shares (the "Series 2 Preferred Shares"), provided that at least 1,000,000 Series 3 Preferred Shares are tendered for conversion. Conversion may also occur automatically if less than 1,000,000 Series 3 Preferred Shares would remain outstanding after taking into account all Series 3 Preferred Shares tendered for conversion. In the event the Series 3 Preferred Shares are not all automatically converted into Series 2 Preferred Shares, the Series 3 Preferred Shares will pay, on a quarterly basis, as and when declared by the Board of Directors of Quebecor World, a cash dividend based on this fixed rate, which will be published on or about November 13, 2007 in various Canadian newspapers. This rate will be fixed for a period of five years. A written notice is also being sent to registered holders of Series 3 Preferred Shares summarizing their conversion rights. There are currently 12,000,000 Series 3 Preferred Shares and no Series 2 Preferred Shares issued and outstanding.

In the event Series 2 Preferred Shares become issuable upon conversion of Series 3 Preferred Shares as of December 1, 2007, holders of such Series 2 Preferred Shares will receive a monthly floating rate dividend as and when declared by the Board of Directors of Quebecor World. The floating rate dividend will be based on the average prime rate of two Canadian banks in effect for each day of the applicable month, subject to certain adjustments, in accordance with the terms of such shares.

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 Quebecor World Inc. (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, and 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 October 15, 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 27,500 employees working in more than 120 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.

Web address:

Contact Information

  • Quebecor World Inc.
    Tony Ross
    Vice President, Communications
    Quebecor World Inc.
    Roland Ribotti
    Vice President, Investor Relations and Assistant Treasurer