Quebecor announces redemption of 4.0% convertible debentures due 2024

Quebecor has announced its issuance of a redemption notice to holders of its currently outstanding 4.0% convertible unsecured subordinated debentures due June 26, 2024 (referred to as the “Debentures”). The redemption notice states that Quebecor intends to redeem all of the issued and outstanding Debentures on June 25, 2024 (the “Redemption Date”). As of May 10, 2024, the aggregate principal amount of the Debentures issued and outstanding was $150,000,000.

In line with the terms of the Debentures, Quebecor has chosen to exercise its Share Redemption Payment Right concerning the entire outstanding principal amount of the Debentures. Consequently, on the Redemption Date, Quebecor will issue and deliver Class B Subordinate Voting Shares (“Class B shares”) to the holders, as per the conversion terms of the Debentures. Based on the closing price on May 10, 2024, approximately 5.0 million Class B Shares would be issued and delivered to holders on the Redemption Date. Accrued and unpaid interest on the Debentures up to, but not including, the Redemption Date will be paid in cash to holders.

Pierre Karl Péladeau, President and Chief Executive Officer of Quebecor, remarked, “The decision to exercise our Share Redemption Payment Right is consistent with our prudent approach to balance sheet management and our desire to further reduce our debt leverage ratio.”

Since initiating Quebecor’s normal course issuer bid (“NCIB”) in 2011, the company has repurchased roughly 58.2 million Class B shares at a weighted average price of $23.97. Purchases under the NCIB were executed through the facilities of the Toronto Stock Exchange in accordance with its requirements or through other alternative trading systems.

This press release is not an offer to sell or the solicitation of an offer to buy or sell securities in any jurisdiction. The securities mentioned have not been and will not be registered under the U.S. Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Statements:

This press release contains forward-looking statements that are subject to significant known and unknown risks, uncertainties, and assumptions, which could cause Quebecor’s actual results for future periods to differ materially from those set forth in the forward-looking statements. These forward-looking statements may be identified by the use of conditional or forward-looking terminology such as “plans,” “expects,” “may,” “anticipates,” “intends,” “estimates,” “projects,” “seeks,” “believes,” or similar terms.

Investors and others are cautioned that the foregoing list of factors that may affect future results is not exhaustive and undue reliance should not be placed on any forward-looking statements. For more information on the risks, uncertainties, and assumptions that could cause Quebecor’s actual results to differ from current expectations, please refer to Quebecor’s public filings, available at and, including the “Risks and Uncertainties” section of Quebecor’s Management Discussion and Analysis for the year ended December 31, 2023.

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