Quebecor trims pricing on $350 million term B to Libor plus 250 bps

By Sara Rosenberg

New York, July 31 - Quebecor Media Inc. upsized its seven-year senior secured covenant-light term loan B (B1) to $350 million from $300 million and lowered pricing to Libor plus 250 basis points from Libor plus 275 bps, according to a market source.

As before, the loan has a 0.75% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months.

Mandatory prepayments include 100% of asset sales with carve-outs and reinvestment provisions.

Recommitments were due at 2 p.m. ET on Wednesday.

Citigroup Global Markets Inc., Scotia Capital (USA) Inc. and RBC Capital Markets are the joint lead arrangers on the deal.

Proceeds will be used for general corporate purposes.

Quebecor is a Montreal-based media company.

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