Quebecor World Announces Refinancing Plan

MONTREAL - Quebecor World Inc. (TSX:IQW) says it will sell up to $778 million worth of additional shares and debt securities to investors and to its controlling shareholder, Quebecor Inc. (TSX:QBR.B), in a refinancing of its debt and credit facilities.
Quebecor World also said its syndicate of lenders will reduce their credit facility commitment to $375 million, but extend the maturities by one year to 2010 and provide the company with greater financial flexibility under its covenants.
The announcement Tuesday come as Quebecor World's shares are trading at their lowest prices in at least a decade. Объявление вторник приходят как Кебекор мире доли торговли на их низкие цены по крайней мере на десятилетие. They traded at an intraday low of $4.85 on the Toronto Stock Exchange, down 25 cents from the previous close.
The shares, worth $13.17 a year ago, have been trending down since February with major drops in early August and early November.