Yellow Pages subsidiary wraps offer for 5.5% exchangeable debentures

By Susanna Moon

Chicago, Dec. 14 - Yellow Pages Income Fund said investors deposited C$213,451,000 principal amount of 5.5% exchangeable unsecured subordinated debentures due 2011 in the substantial issuer bid made by subsidiary YPG Holdings Inc.

The offer was conditioned on the deposit of at least C$120 million principal amount of debentures.

The company said it will pay C$1,020 in cash for each C$1,000 principal amount of debentures plus accrued interest of C$20.4932 to Dec. 14, the expiration date. The settlement date will be Dec. 17.

Yellow Pages said that the offer will be financed through a C$300 million special-purpose committed credit facility as well as YPG Holdings' existing commercial paper program.

The independent formal valuation of Cole & Partners Ltd. concluded that the fair market value of the debentures, excluding accrued interest, per C$1,000 principal amount at Oct. 15 ranges from C$985.20 to C$1,009.70, with a mid-point of C$997.45.

Yellow Pages Income Fund is a Montreal-based fund owning a 96% ownership interest in Yellow Pages Group and Trader Corp. Yellow Pages Group is Canada's largest telephone directories publisher, and Trader is a Canadian printing and online vertical media company.

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