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Dex Media East, West amend, reprice credit facilities
New York, June 18 - Dex Media, Inc. said its Dex Media East LLC and Dex Media West LLC subsidiaries amended and repriced their credit facilities.
The amendments will become effective on completion of the planned initial public offering of common stock.
As part of the amendment, the requirement that 50% of the proceeds of the IPO by used to repay bank debt has been waived.
Dex Media East's term loan A and B were both repriced at Libor plus 200 basis points while Dex Media West's term loan A was repriced at Libor plus 200 basis points and its term loan B at Libor plus 225 basis points.
In both cases the term loan As will see their interest rate fall if certain leverage ratios are achieved.
The maturity dates are unchanged: Nov. 8, 2008 for the Dex Media East term A, May 8, 2009 for the Dex Media East term B, Sept. 9, 2009 for the Dex Media West term A and March 9, 2010 for the Dex Media West term B.
Dex Media is a Denver, Colo. publisher of directories.
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