R.H. Donnelley buys back nearly all its 10 7/8% notes in tender

By Susanna Moon

Chicago, Oct. 2 - R.H. Donnelley Inc. said investors tendered 99.9%, or $599,632,000, of its 10 7/8% senior subordinated notes due 2012.

The consent solicitation expired at 5 p.m. ET on Oct. 1. The tender offer ends at 8 a.m. ET on Oct. 17. It began on Sept. 18.

The company said it received the required consents to eliminate substantially all of the restrictive covenants in the indenture and modify or eliminate other related provisions. As a result, the company executed the supplemental indenture.

Noteholders who tendered were required to deliver consents and vice versa.

The company said it will pay $1,066.16 for each $1,000 principal amount of notes tendered by the consent deadline. Holders who tender after that but before the tender deadline will receive $1,036.16 for each $1,000 principal amount.

R.H. Donnelley also will pay accrued interest.

The tender offer was conditioned on the receipt of tenders for a majority of the notes by the early tender deadline and on the receipt of sufficient financing. The company plans to finance the offer with proceeds from parent company R.H. Donnelley Corp.'s senior debt financing.

J.P. Morgan Securities Inc. (212 270-3994 or 800 245-8812) is the dealer manager and solicitation agent. MacKenzie Partners, Inc. (212 929-5500 or 800 322-2885) is the information agent.

R.H. Donnelley is a Yellow Pages and online local commercial search company based in Cary, N.C.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.