Videotron Ltd. today announced the pricing of its offering of
C$300M aggregate principal amount of its senior notes due 2020. The
new senior notes will be sold at par, will carry a coupon of 7 1/8
% and will mature on January 15, 2020. Videotron intends to use the
proceeds of this offering to repay the drawings under its senior
secured credit facility and the remainder for general corporate
purposes.
Quebecor Media Inc. today also announced that it has given
notice of its intention to prepay drawings under its term loan B
credit facility in an aggregate amount of US$170M, with such
prepayments expected to be effected on or around January 14, 2010.
Quebecor Media has also formally sought the approval of its credit
agreement lenders to extend the maturity date of its C$100M
revolving credit facility from January 2011 to January 2013 and to
obtain certain other favourable amendments to the covenants
contained in its credit facilities.
This press release is not an offer to sell or the solicitation
of an offer to buy securities in any jurisdiction. The senior notes
have not been and will not be qualified for sale to the public
under applicable Canadian securities laws and, accordingly, any
offer and sale of the notes in Canada will be made on a basis which
is exempt from the prospectus and dealer registration requirements
of such securities laws. The senior notes have not been registered
under the United States Securities Act of 1933 or applicable state
securities laws, and the senior notes may not be offered or sold in
the United States absent registration or an applicable exemption
from registration.
Videotron Ltd. (www.videotron.com), a wholly owned subsidiary of
Quebecor Media Inc., is an integrated communications company
engaged in cable television, interactive multimedia development,
Internet access services, cable telephony and wireless telephone
service. Videotron is a leader in new technologies with its illico
interactive television system and its broadband network, which
supports high-speed cable Internet access, analog and digital cable
television, and other services. As of December 31, 2009, Videotron
was serving 1,777,000 cable television customers, including
1,084,100 subscribers to illico Digital TV. Videotron is also the
Quebec leader in high-speed Internet access, with 1,170,600
subscribers to its cable modem service as of December 31, 2009. As
of the same date, Videotron had activated 82,800 handsets on its
wireless telephone service and was providing cable telephone
service to 1,014,000 Quebec households and organizations. For the
fourth consecutive year, Videotron was been named Quebec's most
respected telecommunications company by Commerce magazine, based on
a Leger Marketing survey.
Quebecor Inc. (TSX: QBR.A)(TSX: QBR.B) is a holding company with
a 54.7% interest in Quebecor Media Inc, one of Canada's largest
media groups. Quebecor Media owns operating companies in numerous
media related businesses: Videotron Ltd., an integrated
communications company engaged in cable television, interactive
multimedia development, Internet access services, cable telephony
and wireless telephone service; Sun Media Corporation, the largest
publisher of newspapers in Canada; Canoe Inc., operator of a
network of English and French language Internet properties in
Canada; Quebecor Media Network, provider of flyer printing and
distribution services; TVA Group Inc., operator of the largest
French language over the air television network in Quebec, a number
of specialty channels, and the English language over the air
station Sun TV; Nurun Inc., a major interactive technologies and
communications agency with offices in Canada, the United States,
Europe and Asia; magazine publisher TVA Publishing Inc.; book
publishers and distributors Sogides Group Inc. and CEC Publishing
Inc.; Archambault Group Inc. and TVA Films, companies engaged in
the production, distribution and retailing of cultural products; Le
SuperClub Videotron ltee, a DVD and console game rental and retail
chain; and Quebecor MediaPages, publisher of print and online
directories.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the United States Securities Act of
1933, as amended, and Section 21E of the United States Securities
Exchange Act of 1934, as amended, and forward-looking information
within the meaning of National Instrument 51-102 Continuous
Disclosure Obligations in Canada (collectively, "forward-looking
statements"). All statements other than statements of historical
facts included in this press release, including statements
regarding our prospects, plans, financial position and business
strategy may constitute forward-looking statements. These
forward-looking statements are based on current expectations,
estimates, forecasts and projections about the industries in which
we operate as well as beliefs and assumptions made by our
management. Such statements include, in particular, statements
about our plans, prospects, financial position and business
strategies. Words such as "may," "will," "expect," "continue,"
"intend," "estimate," "anticipate," "plan," "foresee," "believe" or
"seek" or the negatives of these terms or variations of them or
similar terminology are intended to identify such forward-looking
statements. Although we believe that the expectations reflected in
these forward-looking statements are reasonable, these statements,
by their nature, involve risks and uncertainties and are not
guarantees of future performance. Such statements are also subject
to assumptions concerning, among other things: our anticipated
business strategies; anticipated trends in our business; and our
ability to continue to control costs. We can give no assurance that
these estimates and expectations will prove to have been correct.
Actual outcomes and results may, and often do, differ from what is
expressed, implied or projected in such forward-looking statements,
and such differences may be material.
Some important factors that could cause actual results to differ
materially from those expressed in these forward-looking statements
include, but are not limited to: our ability to successfully build
and deploy our new wireless services network on the timeline we are
targeting and to implement successfully our strategy of becoming a
facilities-based wireless provider; general economic, financial or
market conditions; the intensity of competitive activity in the
industries in which we operate, including competition from
alternative means of programs and content transmission;
unanticipated higher capital spending required to address continued
development of competitive alternative technologies or the
inability to obtain additional capital to continue the development
of our business; our ability to implement successfully our business
and operating strategies and manage our growth and expansion;
disruptions to the network through which we provide our digital
television, Internet access and telephony services, and our ability
to protect such services from piracy; labour disputes or strikes;
changes in our ability to obtain services and equipment critical to
our operations; changes in laws and regulations, or in their
interpretations, which could result, among other things, in the
loss (or reduction in value) of our licenses or markets or in an
increase in competition, compliance costs or capital expenditures;
our substantial indebtedness, the tightening of credit markets, and
the restrictions on our business imposed by the terms of our debt;
and interest rate fluctuations that affect a portion of our
interest payment requirements on long-term debt. We caution you
that the above list of cautionary statements is not exhaustive.
These and other factors could cause actual results to differ
materially from our expectations expressed in the forward-looking
statements included in this press release, and you are encouraged
to read the section entitled "Risk Factors" of Videotron's annual
report on Form 20-F for the year ended December 31, 2008 as well as
the section entitled "Risks and Uncertainties" in the Management
Discussion and Analysis report for the year ended December 31, 2008
prepared by Quebecor Inc. for further details and descriptions of
these and other factors. Each of these forward-looking statements
speaks only as of the date of this offering memorandum. We will not
update these statements unless applicable securities laws require
us to do so.
Contacts: Videotron Ltd. Jean Francois Pruneau Vice President,
Finance 514-380-4144 Videotron Ltd. Isabelle Dessureault Vice
President, Public Affairs 514-380-7501
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