Yellow Pages Digital to launch C$310 million five-year notes Tuesday

By Paul A. Harris

Portland, Ore., Oct. 10 – Yellow Pages Digital & Media Solutions Ltd. scheduled an investor conference call for 3 p.m. ET on Tuesday to roll out a C$310 million offering of five-year senior secured first-lien notes, according to a syndicate source.

The deal is formatted as a Rule 144A for life offering in the United States and a private placement in Canada and is set to price in the middle part of the Oct. 9 week.

BMO Capital Markets Corp. is the left bookrunner. NBF is the joint bookrunner. Canaccord, RBC Capital Markets LLC, Beacon and Casgrain are the co-managers.

The notes will immediately become callable at 103. They feature a 100% excess cash flow sweep, stepping down to 75% when the consolidated leverage ratio is no greater than 1.50:1.00 subject to $20 million minimum cash & cash equivalents balance. There is an asset sale provision which specifies 100% of the proceeds from asset sales are to be automatically applied to redeeming the new notes on the following mandatory redemption date.

The Verdun, Quebec-based provider of printed, digital and mobile business directories plans to use the proceeds to refinance its existing 9¼% secured notes.

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