Updates

Yell - Outlines plans to raise Â£500m

October 2009

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Yell, the publisher of Yellow Pages, has announced outline proposals for a restructuring of its debt together with a fundraising to raise at least Â£500m. Having consulted its lenders it is seeking to extend its debt maturities through to 2014 at a margin of 3.5-4% over LIBOR. An arrangement fee of 1.25% will be paid. Yell said it may also reduce debt by a further Â£300m by issuing bonds or more new shares over the next 18 months.Current trading is in line with expectations, with Q2 revenues expected to be 17% lower than a year ago. Trading conditions continue to be "challengingâ€ and revenues in Q3 are set to be down 16% from last year.Yell has clearly proved the doubters wrong and if you ...

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