By Paul A. Harris
St. Louis, March 1 - Montreal-based commercial printer Quebecor World Inc. priced an upsized $450 million issue of 10-year senior notes (Ba3/BB-) at par to yield 8¾% on Wednesday, according to an informed source.
The issue was upsized from $300 million.
The yield came on top of the 8¾% area price talk.
Citigroup ran the books for the Rule 144A and Regulation S issue. The co-managers were RBC Capital Markets, ABN Amro, Banc of America Securities LLC, BNP Paribas, Scotia Capital, TD Securities, Societe Generale, NBF Securities and Wachovia Securities.
Proceeds will be used to repay in full Quebecor World Capital Corp.'s $250 million of 7.2% senior notes due March 28, 2006 and for general corporate purposes.
| Issuer: | Quebecor World Inc.
|
| Amount: | $450 million (increased from $300 million)
|
| Maturity: | March 15, 2016
|
| Security description: | Senior notes
|
| Bookrunner: | Citigroup
|
| Coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8¾%
|
| Spread: | 420 basis points
|
| Call features: | Callable after March 15, 2011 at 104.375, 102.916, 101.458, par on and after March 15, 2014
|
| Trade date: | March 1
|
| Settlement date: | March 6
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8¾% area
|
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