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Quebecor Media closes on new loan as part of refinancing
New York, Jan. 17 - Quebecor Media Inc. closed on a new credit facility Tuesday as part of a refinancing of its debt.
The Montreal-based media company obtained a C$125 million term loan A due January 2011, a $350 million term loan B due January 2013 and a C$100 million five-year revolver.
The term loan A and term loan B were fully drawn as part of the refinancing.
The refinancing also included C$291.7 of new borrowings under credit facilities of Quebecor Media's subsidiaries, Videotron Ltee. and Sun Media Corp..
Other parts of the refinancing were the issuance of $525 million of new 7¾% senior notes due 2016, repurchase through a tender offer of $561.6 million of $586.6 million of existing 11 1/8% senior notes and $275.6 million of $282.9 million of 13¾% senior discount notes, and repayment of the existing credit facilities.
Quebecor said it will save nearly $80 million a year in borrowing costs through the refinancing when the final notes are redeemed in July.
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