Quebecor raises $700 mil for Osprey bid

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TORONTO -- Quebec media giant Quebecor Media said Thursday that it has raised $700 million in senior notes to fund its recent takeover of newspaper publisher Osprey Media Income Fund.

Montreal-based Quebecor Media completed a private placement for $700 million with a coupon of 7.75%, maturing in 2016.

Citigroup Global Markets, Banc of America Securities and TD Securities underwrote the private placement.

Proceeds of the sale will repay a bridge credit facility that financed the $414 million takeover of Osprey Media in August, as well as help with other debt servicing.

Quebecor Media intends to combine Osprey Media's 20 daily newspapers and 29 weekly publications with its Sun Media newspaper group to create the country's largest newspaper group.

Besides newspapers, Quebecor Media owns and operates Groupe Videotron, Quebec's largest cablecaster, and TVA Group, the province's largest private French-language TV network.
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