MONTREAL – Quebecor’s (TSX:QBR.B) media subsidiary announced Friday that US$78.5 million worth of senior notes have been tendered to its early repurchase offer.
The company said that it plans to repurchase up to US$260 million worth of the debt, which matures in 2016. The tendered 7.75 per cent notes represent nearly 15 per cent of the aggregate principal amount outstanding of notes.
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Each $1,000 worth of notes was purchased for $1,028.33 including accrued and unpaid interest.
Notes can be tendered until March 28.
Quebecor Media plans to redeem US$100 million of outstanding notes on April 13.
The parent company is one of Canada’s largest telecommunications and media companies with more than 16,000 employees.
Its operations include cable television, telephone, mobile, newspapers and magazine publishing.
The Quebec-based media company will face growing pressure from BCE Inc. (TSE:BCE) which announced Friday the $3.38 billion purchase of Astral Media in order to beef up its media assets, particularly in the province.
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