Dex Media subsidiaries offer to buy back bank debt at discount

By Marisa Wong

Madison, Wis., June 5 – Dex Media, Inc.’s four operating subsidiaries have begun offers to repurchase and retire their bank debt at a discount for a total of $54 million, according to an 8-K filing with the Securities and Exchange Commission.

SuperMedia Inc. has begun an offer to use up to $29 million to repurchase its bank debt at a price of 82 to 85.

R.H. Donnelley Inc. has begun an offer to use up to $8 million to repurchase its bank debt at a price of 67.75 to 70.75.

Dex Media East, Inc. has begun an offer to use up to $7 million to repurchase its bank debt at a price of 79.75 to 82.75.

Dex Media West, Inc. has begun an offer to use up to $10 million to repurchase its bank debt at a price of 90 to 93.

The offers will expire at 5 p.m. ET on June 12.

The companies’ senior secured credit facilities were amended and restated in connection with the completion of the merger between Dex One Corp. and SuperMedia on April 30, 2013, when the two companies also exited Chapter 11 bankruptcy. The terms of the amended facilities allow the companies to repurchase and retire debt below par, subject to some conditions.

JPMorgan Chase Bank, NA is the administrative agent and collateral agent under the SuperMedia, Dex Media East and Dex Media West senior secured credit facilities, and Deutsche Bank Trust Co. Americas is the administrative agent and collateral agent under the R.H. Donnelley senior secured credit facility.

Dex One is a Cary, N.C.-based marketing services provider. SuperMedia is a Dallas-based directory publisher.

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