Quebecor Media intends to price $1 billion equivalent 10.25-year notes in two tranches

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Oct. 3 - Quebecor Media Inc. is planning a $1 billion offering in dollar-denominated and Canadian dollar-denominated senior notes due Jan. 15, 2023, according to a market source.

Bank of America Merrill Lynch, Citigroup Global Markets Inc., National Bank of Canada and TD Securities (USA) LLC are the joint bookrunners for the dollar-denominated tranche.

Scotia Capital Inc., Bank of America Merrill Lynch, RBC Capital Markets LLC and TD Securities are the joint bookrunners for the Canadian dollar-denominated tranche.

The Rule 144A with registration rights deal carries a 101% poison put, and the notes will be non-callable with a make-whole call at Treasuries plus 50 basis points.

Proceeds will be used to finance the purchase of C$1 billion of equity from one of the existing shareholders, CDP Capital d'Amerique Investissements Inc., a subsidiary of Caisse de depot et placement du Quebec.

An investor call was scheduled for noon ET on Wednesday.

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

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