Quebecor scraps refinancing plan because of market conditions

By Evan Weinberger

New York, Nov. 20 - Quebecor World Inc. withdrew its planned refinancing announced Nov. 13 due to "adverse current financial market conditions," the company announced Tuesday.

The planned refinancing included $100 million in senior unsecured convertible debentures, $400 million in senior unsecured notes and C$250 million in equity shares, divided between public equity shares and multiple voting shares and subordinate voting shares for existing shareholders.

Quebecor said it will continue to evaluate refinancing options, including possible debt and equity offerings when conditions are more favorable, asset sales and sale leaseback transactions.

Quebecor World is a Montreal-based marketing firm.

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