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Correction: Solocal seeks consents for €350 million 8 7/8% notes until Feb. 26
A story in the Feb. 14 edition of Prospect News High Yield Daily neglected to include details of the consent solicitation for PagesJaunes Finance & Co. SCA's €350 million 8 7/8% senior secured notes due 2018. A corrected version of the story follows.
By Susanna Moon
Chicago, Feb. 14 - Solocal Group said holders may deliver consents for PagesJaunes Finance & Co. SCA's €350 million 8 7/8% senior secured notes due 2018 until noon ET on Feb. 26.
The consent payment will be €2.50 for each €1,000 principal amount.
Lucid Issuer Services (attn: Yves Theis/Thomas Choquet, +44 0 207 704 0880, solocal@lucid-is.com) is the tabulation agent.
The consent solicitation will allow Solocal Group to begin any needed French creditor proceedings, including conciliation proceedings and debt refinancing through a sauvegarde financiere acceleree, according to a company press release on Feb. 13.
Solocal said it is seeking to extend at least 90% of the A3, A5 and B3 debt facilities and plans to use the framework of a conciliation proceeding, which is a court-supervised consensual negotiation with lenders.
If, after the conciliation proceedings, the minimum consent threshold of 90% of lenders has not been reached but two-third of the lenders are in favor of the transaction, Solocal Group will seek to implement its debt refinancing through a sauvegarde financiere acceleree, the company said.
The sauvegarde financiere acceleree provides the group with the ability to implement the extension of its debt maturities binding 100% of the lenders within a very short timeframe, the release noted.
Lenders holding about 30% of the A3, A5 and B3 debt facilities have committed to vote in favor of the extension, the company said.
Solocal Group, Pagesjaunes Groupe SA, is a Sevres, France-based company specialized in the publication and distribution of printed directories. Solocal Group became the new name of PagesJaunes Groupe on June 5, 2013.
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