Quebecor World Inc.
NYSE : IQW
TSX : IQW

Quebecor World Inc.

December 13, 2006 15:44 ET

Quebecor World Settles Terms of US$400 Million Offering of Senior Unsecured Notes

MONTREAL, CANADA--(CCNMatthews - Dec. 13, 2006) - Quebecor World Inc. (TSX:IQW)(NYSE:IQW) announced today that it has priced the private placement of Senior Notes announced on December 11, 2006. The offering will consist of US$400 million aggregate principal amount of unsecured 9.75% Senior Notes due January 15, 2015. The Senior Notes, which will be issued at par value, will be issued by Quebecor World Inc. (the "Company") and will be unconditionally guaranteed on a senior unsecured basis by Quebecor World (USA) Inc., Quebecor World Capital ULC and Quebecor World Capital LLC, all wholly-owned subsidiaries of the Company. The net proceeds of the offering of the Senior Notes will be used to reduce indebtedness, including to repurchase up to US$125 million of debt securities of Quebecor World Capital Corporation, a wholly-owned subsidiary of the Company, namely 8.54% senior notes due 2015, 8.69% senior notes due 2020, 8.42% senior notes due 2010 and 8.52% senior notes due 2012 under the cash tender offers commenced by Quebecor World (USA) Inc. on November 30, 2006, to repay in full US$150 million in 7.25% senior debentures of Quebecor World Capital Corporation due in January 2007 and to repay borrowings under the Company's revolving credit facility. The balance of the proceeds, if any, will be used for general corporate purposes. The Senior Notes offering is expected to close on or about December 18, 2006.

This press release is not an offer of the Senior Notes or any other securities for sale in the United States. The Senior Notes have not been, and will not be, registered under the U.S. Securities Act of 1933 or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Senior Notes have not been and will not be qualified for sale to the public under applicable Canadian securities laws and, accordingly, any offer and sale of the Senior Notes in Canada will be made on a basis which is exempt from the prospectus and dealer registration requirements of such securities laws.

Forward looking statements

This press release includes "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" section of the Company's Management's Discussion and Analysis for the year ended December 31, 2005, and the "Risk Factors" section of the Company's Annual Information Form for the year ended December 31, 2005.

The forward-looking statements in this press release reflect the Company's expectations as of December 13, 2006 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 print solutions to leading publishers, retailers, catalogers and other businesses with marketing and advertising activities. It is a market leader in most of its major product categories which include magazines, inserts and circulars, books, catalogs, direct mail, directories, digital pre-media, logistics, mail list technologies and other value added services. Quebecor World has approximately 29,000 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: www.quebecorworld.com

Contact Information

  • Quebecor World Inc.
    Tony Ross
    Director, Communications
    514-877-5317
    800-567-7070
    or
    Quebecor World Inc.
    Roland Ribotti
    Senior Director, Investor Relations and Assistant-Treasurer
    514-877-5143
    800-567-7070