Quebecor Taking On $750 Million In Debt To Pay For Osprey Acquisition

By: E&P Staff

Quebecor Media, with its purchase of Osprey Media Income Fund virtually assured, said Monday it will offer about $750 million in senior notes to help pay for the Ontario newspaper chain.

On Friday, Osprey’s board recommended unit holders accept Quebecor’s offer of C$414.4 million (US$394.7 million) for the publisher of 20 dailies and 34 weeklies.

The notes, in two tranches, will mature in 2015 and 2018.

Quebecor last week won court approval to go ahead with its last-minute bid for Osprey, which was C$1 higher per unit than an offer from Black Press Ltd., which had signed an acquisition agreement with Osprey last month.


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