DBRS rates Yellow Pages Digital notes BB (low)

DBRS said it assigned a rating of BB (low) to Yellow Pages Digital & Media Solutions Ltd.’s C$315 million issuance of new 10% senior secured notes, with a stable trend and a recovery rating of RR3.

Proceeds will be used to fully redeem all of the issuer’s outstanding 9¼% senior secured notes due Nov. 30, 2018.

The agency said the company is using the refinancing to provide a stable capital structure as the company executes its next phase of evolution and to increase debt repayment flexibility for the company.

DBRS said that although the company’s revenues and adjusted EBITDA in H1 2017 were below the agency’s expectations, the company’s credit risk profile remains reasonable for the rating category.

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