Dex One amends and restates $3.085 billion of credit facility debt

By Sara Rosenberg

New York, Feb. 4 - Dex One Corp. amended and restated $3.085 billion in credit facilities at its subsidiaries in connection with its emergence from bankruptcy, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Specifically, R.H. Donnelley Inc. amended and restated its roughly $1.225 billion credit facility, converting all term loan D-1, term loan D-2, revolver loans and net termination payments outstanding under swap agreements into a new term loan tranche Oct. 24, 2014.

Pricing on the new term loan is Libor plus 625 basis points with a 3% Libor floor. There is a step-down to Libor plus 600 bps if consolidated leverage is less than 4.25 to 1.00.

Deutsche Bank is the administrative agent on the deal that was completed on Jan. 29 with R.H. Donnelley's pre-petition lenders.

Dex Media East Inc. amended and restated its roughly $956 million credit facility, converting all term loan A, term loan B, revolving loans and net termination payments outstanding under swap agreements into a new term loan tranche due Oct. 24, 2014.

Pricing on the new term loan is Libor plus 250 bps, with a step-down to Libor plus 225 bps if consolidated leverage ratio is greater than or equal to 2.50 to 1.00 but less than 2.75 to 1.00, and a step down to Libor plus 200 bps if consolidated leverage ratio is less than 2.50 to 1.00.

JPMorgan is the administrative agent on the deal that was completed on Jan. 29 with Dex Media East's pre-petition lenders.

And, Dex Media West Inc. amended and restated its roughly $904 million credit facility, converting all term loan A, term loan B, revolving loans and net termination payments outstanding under swap agreements into a new term loan tranche due Oct. 24, 2014.

Pricing on the new term loan is Libor plus 450 bps with a 3% Libor floor. There is a step-down to Libor plus 425 bps if consolidated leverage is greater than or equal to 2.50 to 1.00 but less than 2.75 to 1.00, and a step-down to Libor plus 400 bps if consolidated leverage is less than 2.50 to 1.00.

JPMorgan is the administrative agent on the deal that was completed on Jan. 29 with Dex Media West's pre-petition lenders.

All three of the amended and restated credit facilities provide for an uncommitted $40 million revolver. The availability of the revolver is subject to the prepayment of term loans in an amount equal to the revolver.

Dex One, which was known as R.H. Donnelley Corp. prior to its emergence from Chapter 11 on Jan. 29, is a Cary, N.C.-based Yellow Pages and online local commercial search company.

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