The loan has already been approved by the Quebec Superior Court, where Quebecor World is similarly seeking creditor protection.
An initial sum of £382m will be immediately withdrawn so the company can pay wages and keep the business running as a going concern.
Quebecor World filed for creditor protection 21 January.
US court greenlights Quebecor's creditor plan
A US court has approved Quebecor World's plans to draw up to 509m ($1bn) from a credit facility set up by Credit Suisse and Morgan Stanley to tide the company over as it enters bankruptcy protection.
