Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

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HOW WE USE INFORMATION

We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

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However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

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ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

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CONTACT

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Yell Group plc (HIBU)

  Print      Mail a friend       Annual reports

Wednesday 23 September, 2009

Yell Group plc

Update on Comprehensive Refin

RNS Number : 4993Z
Yell Group plc
23 September 2009
 



23 September 2009

For immediate release

Not for distribution or release, directly or indirectly, in or into the United States, AustraliaCanada, Japan or South Africa.


YELL GROUP PLC

UPDATE ON COMPREHENSIVE REFINANCING PROPOSALS


Yell is updating the market on its plans to refinance the Group.

  • Proposals are today being presented to the wider lending syndicate including:
    • Extension of debt maturities to 2014;
    • New covenant package giving appropriate headroom to the company's updated base case financial model;
    • Ability to diversify the Group's funding sources through issuance of bonds or similar instruments; and
    • A new margin of between 3.5% and 4.0% over LIBOR payable to consenting lenders, depending on quantum of equity raised and future leverage levels and a consent fee of 1.25% payable to consenting lenders
  • Intention to launch an equity offering to raise gross proceeds of at least £500 million to repay debt and strengthen the Group's capital structure.
  • Intention to reduce senior term debt by a further £300 million within 18 months, by way of a receivables securitisation, high yield bond, larger initial equity issue, or other means.
  • Agreement from the Group's existing lenders is required before the proposed equity offering can proceed. Subject to this, the equity offering will be formally launched as soon as practicable and shareholder approval will be sought.
  • The above proposals have received indications of support from a significant proportion of the Group's largest lenders. 
  • Current trading in line with guidance, with continuing strong cash flows and high cash conversion.

On 30 June 2009, Yell Group plc ('Yell' or the 'Group') announced that it had embarked upon a process comprehensively to refinance the Group and that this would lead to the Group holding discussions with its debt holders with a view to extending the maturity and changing the terms of its debt facilities and in due course, to discussions with its principal shareholders. These discussions and the resulting process were expected to take through to the Autumn to complete.

Since June, Yell has held discussions with significant proportion of its largest lenders. The outline proposals announced today are the result of these discussions and will shortly be presented in detail to the full syndicate of the Group's lenders. The process is consensual and the equity raising and debt proposals are inter-dependent. Subject to approval of the proposals by lenders representing 95% by value of Yell's current term debt facilities, the equity offering will be launched as soon as practicable thereafter and a general meeting of shareholders called.


John Condron, Chief Executive Officer of Yell, said: 'We have made good and constructive progress in a consensual process comprehensively to refinance the Group. It reflects the recognition of the robust and cash generative nature of Yell's business model, which continues to show resilience relative to other media despite the current economic challenges. The process still has some way to go, but we believe the proposals developed as a result of our discussions with our principal lenders will deliver value to all parties, will support our Group through the current difficult economic times and ensure we are well positioned to benefit from any economic recovery.'


John Davis, Chief Financial Officer said: 'Yell is trading in line with the guidance that we provided at the end of June, with particularly strong cash flows and high cash conversion but the economic environment remains challengingThe proposals we are outlining today would achieve an immediate reduction in net debt allowing the Group to deleverage more rapidly and to diversify its funding sources. We believe it represents a positive, credit-enhancing outcome for our lenders and increases the attractiveness of the Group to existing and prospective equity investors.'


Group financial outlook

Yell confirms its second quarter trading is in line with guidance given on 30 June 2009 and reiterated on 23 July 2009, when it indicated it expected revenues for the second quarter to be around 17% lower and EBITDA in the same period to be around 30% lower than the comparable period last year at constant exchange rates.

Trading conditions continue to be challenging and Yell believes it is too early to tell if confidence has returned to its core target customer base. As a consequence, Yell does not currently anticipate any significant improvement in the rate of year on year revenue decline for the remainder of the fiscal year. Its current expectation for the third quarter is for revenue to be around 16% lower than the same period last year at constant exchange rates.


Further information

Further information relating to the proposals to the lending syndicate is available on the Yellgroup.com website. 


Enquiries: 


Yell - Investors  

Yell - Media

Rob Hall  

Jon Salmon

Tel: +44 (0)118 950 6838  

Tel: +44 (0) 118 950 6656

Mobile: +44 (0)7793 957 848  

Mobile: +44 (0)7801 977 340



Citigate Dewe Rogerson

Anthony Carlisle

Tel +44 (0) 20 7638 9571

Mobile: +44 (0) 7973 611 888  

   

This document does not constitute an offer to sell, or the solicitation of an offer to buy or subscribe for, securities of Yell in the United States or in any other jurisdiction.

The securities of Yell ('Securities') have not been and will not be registered under the US Securities Act of 1933, as amended (the 'Securities Act'), and may not be offered or sold in the United States unless registered under the Securities Act or an exemption from such registration is available. No public offering of Securities is being made in the United States.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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