Yellow Pages Group Announces the Redemption by Yellow Media Inc. of all its Outstanding 5.50% Exchangeable Unsecured Subordinated Debentures due August 1, 2011
Print VersionMontreal (Quebec), June 8, 2010 – Yellow Pages Group announced today that Yellow Media Inc. (the "Company") will exercise its right to redeem all of its outstanding 5.50% exchangeable unsecured subordinated debentures due August 1, 2011 (the "Debentures ") on the following terms:
- Redemption Date: August 1, 2010;
- Redemption Price: Cdn$1,000 per Cdn$1,000 principal amount;
- Accrued and Unpaid Interest: Cdn$27.50 per $1,000 principal amount; and
- Total Redemption Price and Accrued and Unpaid Interest: Cdn$1,027.50 per $1,000 principal amount.
The redemption price has been determined in accordance with the terms of the Debentures and the provisions of the trust indenture dated as of July 6, 2006 governing the Debentures. Unpaid and accrued interest on the Debentures will be paid as of the redemption date. As of June 8, 2010, Cdn$86,549,000 principal amount of Debentures were issued and outstanding. The Company plans to finance the redemption with available cash and through its existing banking facilities and commercial paper program.
About Yellow Media Inc.
Yellow Media Inc., a subsidiary of Yellow Pages Income Fund, owns Yellow Pages Group and Trader Corporation. Yellow Pages Group (YPG) is Canada’s leading performance media and marketing solutions company. The Company brings consumers and businesses together locally through its network of print, digital and mobile properties. YPG enables consumers to make smarter decisions, helping people find what they need wherever and whenever. YPG partners with businesses to build successful marketing and lead generation programs, helping them grow their business. Trader Corporation (Trader) is a leader in print and digital vertical media and offers a broad set of services such as inventory management, web solutions, optimization of media spend, and lead generation campaigns. Trader caters to the automotive, real estate and generalist verticals. Yellow Media Inc. owns and operates some of Canada’s leading properties and publications including Yellow Pages™ directories, YellowPages.ca™, Canada411.ca™, Auto Trader™(.ca), Home Trader™(.ca), and LesPAC.com. For more information, 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 Company.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements about the objectives, business and affairs of the Company and the Fund. These statements are forward-looking as they are based on our current expectations, as at June 8, 2010, about our business and the markets we operate in, 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. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason.
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