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2 November 2009
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE
UNITED STATES
YELL GROUP PLC
UPDATE ON COMPREHENSIVE REFINANCING PROPOSALS
Yell is pleased to announce that it has received acceptances in excess of the 95% threshold required as part of its refinancing proposals.
Yell now intends to continue with the second, inter-dependent part of its comprehensive refinancing proposals which, as announced previously, is the intention to raise at least £500 million of equity. The company plans to approach its major shareholders and announce details of the equity raise as soon as practicable.
John Davis, Chief Financial Officer of Yell, said: "We are delighted that our proposals have been so overwhelmingly approved. We have over 1,000 lenders' commitments, and collecting their acceptances has been a huge logistical exercise. We are naturally very grateful to all our lenders for what is virtually unanimous support and look forward to announcing details of the planned equity raise in the near future."
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 +22 (0) 20 7638 9571
Mobile: +44 (0) 7973 611 888
This information is provided by RNS
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