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Montreal (Québec), June 5, 2008 – Yellow Pages Income Fund (TSX: YLO.UN) announced today the filing with securities regulators in each of the provinces and territories of Canada of a preliminary short form base shelf prospectus relating to debt securities and medium term notes of YPG Holdings Inc., an indirect subsidiary of the Fund, for aggregate proceeds of up to $1.0 billion. These securities may be offered from time to time, during a 25-month period for which the short form base shelf prospectus remains valid.
YPG Holdings also announced that a change of control provision, as described and subject to the conditions and exceptions set forth in the short form base shelf prospectus, will apply to new series of medium term notes that may be offered by YPG Holdings pursuant to the prospectus.
During the life of this prospectus, YPG Holdings will be required to repay at maturity one series of its outstanding medium term notes, the $450 million Series 1 medium term notes which mature in April 2009. YPG Holdings may issue securities under this prospectus to refinance those maturing notes provided market conditions are favourable. Otherwise, YPG Holdings also has the available liquidity under its committed long term bank facilities. In addition to its existing $700 million senior unsecured revolving credit facility, YPG Holdings recently increased its liquidity on May 8, 2008 by entering into an additional $250 million senior unsecured revolving term credit facility maturing in May 2011. These facilities can be used for general corporate purposes.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any province or territory of Canada in which such offer, solicitation or sale would be unlawful prior to qualification under securities laws of any such province or territory. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered, sold or delivered within the United States of America and its territories and possessions except in certain transactions exempt from such registration requirements. The preliminary short form base shelf prospectus contains important information concerning these securities and is available on SEDAR at www.sedar.com
About Yellow Pages Income Fund
Yellow Pages Income Fund indirectly holds an approximate 98% ownership interest in Yellow Pages Group and Trader Corporation. Yellow Pages Group is Canada's largest telephone directories publisher. It publishes annually more than 340 Yellow Pages™ and residential directories. The Company owns and manages Canada's most visited online directories, YellowPages.ca™ and Canada411.ca, as well as CanadaPlus.ca™, a network of seven local city sites. Trader Corporation is a Canadian leader in print and online vertical media with approximately 200 publications and 20 web sites covering four product verticals: automotive, real estate, generalist, as well as employment and other. Its main brands include Auto Trader™, Auto Hebdo™, The Bargain Finder™, Buy&Sell™, Renters News™ and Home Renters’ Guide™. For more information about the Fund, visit www.ypg.com.
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