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PagesJaunes Groupe gets holder consent for €350 million 8 7/8% notes
By Jennifer Chiou
New York, Sept. 17 - PagesJaunes Groupe SA announced that holders of its €350 million of 8 7/8% senior secured notes due 2018 agreed to modify the note indenture in order to allow the company to appoint, if necessary, an ad hoc agent on or prior to Dec. 31.
The company launched a solicitation on Sept. 4.
If appointed, the ad hoc agent would assist in negotiations for the extension of PagesJaunes' €638 million term loan A1 and €300 million revolving credit facility due November 2013 to September 2015 without triggering an event of default under the note indenture.
The company stated in a news release that it has not yet decided if it will designate an ad hoc agent after having obtained consents from holders of a majority of the notes.
PagesJaunes will pay a consent fee to those who participate prior to the Sept. 21 expiration date.
The note issuer, PagesJaunes Finance & Co. SCA, is a special purpose vehicle of the Sevres, France-based publisher of online and print directories.
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