Yellow Media Limited Announces Exercise of Option to Redeem $27 Million of Senior Secured Notes
September 26 2013 - 8:00AM
Marketwired
Yellow Media Limited (TSX:Y) announced today that its wholly-owned
subsidiary, YPG Financing Inc. (the "Corporation"), will exercise
its option to redeem $27 million aggregate principal amount (the
"Redemption") of its 9.25% senior secured notes due November 30,
2018 (the "Notes") on the following terms:
-- Redemption Date: October 29, 2013;
-- Aggregate Principal amount of Notes called for Redemption: $27,000,000;
-- Total Redemption Price: $1,065.16 per $1,000 principal amount,
corresponding to the total of:
-- Redemption Price: $1,050 per $1,000 principal amount; and
-- Accrued and Unpaid Interest: $15.16 per $1,000 principal amount.
The Redemption price has been determined in accordance with the
terms of the Notes and the trust indenture dated December 20, 2012
governing the Notes. Unpaid and accrued interest on the Notes being
redeemed will be paid as of the Redemption date. The Corporation
will finance the Redemption with available cash.
"This redemption reiterates our commitment to reduce total debt
and generate value for shareholders," said Ginette Maille, Chief
Financial Officer of Yellow Media. "The Corporation will remain
focused on debt reduction."
The Corporation made a $26.1 million mandatory redemption
payment on the Notes on May 31, 2013 and completed an $8.0 million
open market purchase on the Notes on September 25, 2013. Upon
completion of the Redemption, $738,927,000 principal amount of
Notes will remain outstanding. In addition, in accordance with the
mandatory redemption provisions of the trust indenture governing
the Notes, the Corporation will make at minimum a $73.9 million
mandatory redemption payment on the Notes on December 2, 2013.
About Yellow Media Limited.
Yellow Media Limited (TSX:Y) is a leading media and marketing
solutions company in Canada. Yellow Media Limited owns and operates
some of Canada's leading properties and publications including
Yellow Pages(TM) print directories, Yellow Pages.ca(TM),
Canada411.ca and RedFlagDeals.com(TM). Its online destinations
reach 8.7 million unique visitors monthly and its mobile
applications for finding local businesses and deals have been
downloaded over 5.9 million times. Yellow Media Limited is also a
leader in national digital advertising through Mediative, a
division of Yellow Pages Group devoted to digital marketing and
performance media services for national agencies and advertisers.
For more information, visit www.ypg.com.
This news release is for informational purposes only and does
not constitute an offer to sell or a solicitation of an offer to
buy any securities of the Corporation.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements about the
objectives, strategies and financial conditions of Yellow Media
Limited. These statements are forward-looking as they are based on
our current expectations, as at September 26, 2013, about our
business and on various estimates and assumptions. Our actual
results could materially differ from our expectations if known or
unknown risks affect our business, or if our estimates or
assumptions turn out to be inaccurate. As a result, there is no
assurance that any forward-looking statements will materialize. See
the risk factors relating to our business in our August 8, 2013
Management's Discussion and Analysis. We disclaim any intention or
obligation to update any forward-looking statements, except as
required by law.
Contacts: Investor Relations Amanda Di Gironimo Senior Manager,
Corporate Finance and Investor Relations (514)
934-2680amanda.digironimo@ypg.com Media Fiona Story Senior Manager,
Public Relations (514) 934-2672fiona.story@ypg.com
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