Dex Media reprices bank debt

New York, June 16 - Dex Media, Inc. said it has repriced its bank debt, the $1.1 billion total of revolving credit facilities and term loans A of Dex Media East LLC and Dex Media West LLC.

The new rate is Libor plus 125 basis points with a possible step down to Libor plus 87.5 basis points based on total leverage.

Previously the Dex Media East loan was at Libor plus 175 basis points and the Dex Media West loan at Libor plus 200 basis points.

The Denver telephone directory publisher said the facility was also amended to allow up to $400 million of accounts receivable securitization at the two subsidiaries in order to reduce the existing credit facilities. The restricted payment basket for quarterly cash dividends was increased to $100 million a year from $70 million.

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