Yel­low Pages prices note of­fer­ing at $315-mil­lion

Stockwatch Daily - - CONSUMER SERVICES & CURRENT EVENTS - Ms. Joelle Langevin re­ports

YEL­LOW PAGES Ltd.’s wholly owned sub­sidiary, Yel­low Pages Dig­i­tal & Me­dia So­lu­tions Ltd., has priced its pre­vi­ously an­nounced of­fer­ing of se­nior se­cured notes. The is­suer will is­sue $315-mil­lion in ag­gre­gate prin­ci­pal amount of 10 per cent se­nior se­cured notes due Nov. 1, 2022, at an is­sue price of $980 per $1,000 prin­ci­pal amount of notes. The notes will ac­crue in­ter­est from Oct. 19, 2017, at a rate of 10 per cent per year, payable in equal semi-an­nual in­stal­ments in ar­rears on May 1 and Nov. 1 of each year com­menc­ing May 1, 2018.

The notes will be guar­an­teed by the com­pany and the com­pany’s sub­sidiaries and se­cured by first-pri­or­ity liens and se­cu­rity in­ter­ests, sub­ject to per­mit­ted liens, in sub­stan­tially all of the as­sets (other than the as­sets se­cur­ing the is­suer’s as­set-based debt fa­cil­ity) now owned or here­after ac­quired by the is­suer and the guar­an­tors. The notes will be se­nior se­cured obli­ga­tions of the is­suer. The notes will rank equally in right of pay­ment with all in­debt­ed­ness of the is­suer that is not ex­pressly sub­or­di­nated in right of pay­ment to the notes, and the notes will rank se­nior in right of pay­ment to all ex­ist­ing and fu­ture sub­or­di­nated in­debt­ed­ness of the com­pany.

The of­fer­ing is be­ing un­der­writ­ten by BMO Cap­i­tal Mar­kets and Na­tional Bank Fi­nan­cial Mar­kets, as joint bookrun­ners, in a syn­di­cate that in­cludes Canac­cord Ge­nu­ity, RBC Cap­i­tal Mar­kets, Bea­con Se­cu­ri­ties and Cas­grain.

The notes will be of­fered in a pri­vate place­ment in Canada un­der avail­able prospec­tus ex­emp­tions. The notes will also be of­fered in the United States to per­sons rea­son­ably be­lieved to be qual­i­fied in­sti­tu­tional buy­ers un­der Rule 144A un­der the U.S. Se­cu­ri­ties Act of 1933, as amended, and out­side the United States to non-U.S. per­sons as de­fined in and in ac­cor­dance with Reg­u­la­tion S un­der the Se­cu­ri­ties Act.

The of­fer­ing is ex­pected to close on or about Oct. 19,

2017, sub­ject to cus­tom­ary clos­ing con­di­tions.

The is­suer will use the net pro­ceeds from the sale of the notes, af­ter de­duct­ing the un­der­writ­ers’ com­mis­sions and es­ti­mated ex­penses of the of­fer­ing, to re­fi­nance its ex­ist­ing 9.25 per cent se­nior se­cured notes due Nov. 30, 2018. The of­fer­ing is ex­pected to en­hance Yel­low Pages’ credit pro­file by po­si­tion­ing the com­pany for fur­ther delever­ag­ing and ex­tend­ing its debt ma­tu­rity.

About Yel­low Pages Ltd.

Yel­low Pages is a Cana­dian dig­i­tal me­dia and mar­ket­ing com­pany that cre­ates op­por­tu­ni­ties for buy­ers and sell­ers to dis­cover, find, in­ter­act and trans­act in the lo­cal econ­omy. In ad­di­tion, Yel­low Pages is a leader in na­tional ad­ver­tis­ing through its busi­nesses de­voted to ser­vic­ing the mar­ket­ing needs of large North Amer­i­can brands, in­clud­ing Me­dia­tive and Juice.

We seek Safe Har­bor.

David J Eck­ert, Craig For­man, Su­san Kudz­man, David A Laz­zarato, David Gor­don Leith, Robert Fran­cis MacLel­lan, Ju­dith A McHale, Don­ald H Mor­ri­son, Martin Nisen­holtz, Kal­pana Raina, Michael G Sifton, Stephen Smith

(Y) Shares: 28,075,306

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.