Quebecor World Inc.
NYSE : IQW
TSX : IQW

Quebecor World Inc.

November 30, 2006 10:20 ET

Quebecor World USA Inc. Offers to Purchase Up to US$125 Million of Outstanding Senior Notes of Quebecor World Capital Corporation

MONTREAL, CANADA--(CCNMatthews - Nov. 30, 2006) - Quebecor World (USA) Inc., a wholly-owned subsidiary of Quebecor World Inc. (TSX:IQW)(NYSE:IQW), today announced that it has commenced cash tender offers to purchase (i) any and all of Quebecor World Capital Corporation's (Quebecor World Capital) outstanding US$91 million in aggregate principal amount of 8.54% Senior Notes, Series C, due September 15, 2015 (the Series C Notes) and Quebecor World Capital's US$30 million in aggregate principal amount of 8.69% Senior Notes, Series D, due September 15, 2020 (the Series D Notes) and (ii) an aggregate principal amount of Quebecor World Capital's outstanding 8.42% Senior Notes, Series A, due July 15, 2010 (the Series A Notes) and 8.52% Senior Notes, Series B, due July 15, 2012 (the Series B Notes) equal to the balance of US$125,000,000 less the total aggregate principal amount of Series C Notes and Series D Notes accepted for purchase. The Series C Notes, the Series D Notes, the Series A Notes and the Series B Notes are referred to collectively as the "Notes." Quebecor World (USA) will accept for purchase Series A Notes and Series B Notes under the tender offer on a pro rata basis after having first accepted for payment all Series C Notes and Series D Notes validly tendered pursuant to the tender offer.

The tender offers are being made upon and are subject to the terms and conditions set forth in the Offer to Purchase dated November 30, 2006 (the Offer to Purchase) and the related Letter of Transmittal. The total consideration to be paid for each validly tendered and accepted Series C Note and Series D Note will be a fixed price of US$1,000 per US$1,000 principal amount. The total consideration to be paid for each validly tendered and accepted Series A Note and Series B Note will be a fixed price of US$1,000 per US$1,000 principal amount. In addition, holders of the Notes will receive accrued and unpaid interest up to, but not including, the settlement date, in respect of Notes accepted for purchase.

The total consideration, which will be paid for Notes validly tendered prior to or at 5:00 p.m., New York City time, on December 13, 2006, includes an early tender premium in the amount of US$20 per US$1,000 principal amount of Notes. Notes validly tendered after 5:00 p.m., New York City time, on December 13, 2006, and prior to 11:59 p.m., New York City time, on December 28, 2006, will not be eligible to receive the early tender premium.

Tendered Notes may be withdrawn until 5:00 p.m., New York City time, on December 13, 2006, but not thereafter, except in the limited circumstances set forth in the Offer to Purchase.

The tender offers will expire at 11:59 p.m., New York City time, on December 28, 2006, unless extended or earlier terminated as described in the Offer to Purchase. The settlement date is expected to be the business day immediately following the expiration date of the offers, which, assuming that the offers are not extended, will be December 29, 2006 or as soon as possible thereafter.

The tender offer documents are being distributed to holders beginning today. The Dealer Manager for the offers is Citigroup Global Markets Inc. Questions regarding the tender offers may be directed to Citigroup Global Markets at (800) 558-3745 (toll free) or at (212) 723-6106 (collect). Global Bondholder Services Corporation is the Information Agent and the Depositary for the tender offers. Requests for documents and questions regarding procedures for tendering Notes should be directed to Global Bondholder Services Corporation at (866) 470-4300 (toll free) or at (212) 430-3774 (collect).

This communication is for informational purposes only. It is not intended as, and does not constitute, an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Any comments or statements made herein do not necessarily reflect those of Citigroup Global Markets Inc., Global Bondholder Services Corporation, or their respective subsidiaries and affiliates.

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 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 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 November 30, 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.

Quebecor World

Quebecor World (USA) Inc. and Quebecor World Capital Corporation are direct and indirect wholly-owned subsidiaries of Quebecor World Inc. Quebecor World Inc. (NYSE:IQW, TSX: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