Business
Yellow Pages Limited Announces Proposed Refinancing Transaction and Provides Update on Financial Outlook for 2017 Fiscal Year
Yellow Pages Limited Announces Proposed Refinancing Transaction and Provides Update on Fin...
About this update from Yellow Pages Ltd.
[{"type":"text","content":"\n\n\n\nYellow Pages Limited Announces Proposed Refinancing Transaction and Provides Update on Financial Outlook for 2017 Fiscal Year\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, Oct. 10, 2017\n\n\n\nMONTREAL, Oct. 10, 2017 /CNW Telbec/ - Yellow Pages Limited (TSX: Y) (\"Yellow Pages\" or the \"Company\") today announces the launch of the marketing of a proposed private placement offering of Senior Secured Notes (the \"Notes\") by Yellow Pages Digital & Media Solutions Limited (the \"Issuer\"), a wholly-owned subsidiary of the Company. Yellow Pages has mandated BMO Capital Markets and National Bank Financial Markets to act as joint-bookrunners on the potential private placement offering. The Issuer will use the net proceeds from the sale of the Notes to refinance its existing 9.25% Senior Secured Notes due November 30, 2018. The offering is expected to enhance Yellow Pages' credit profile by positioning the Company for further deleveraging and extending its debt maturity.\n\nYellow Pages today also announces that, based on information currently available to management, full year 2017 total revenues are expected to be slightly below the range of $770 million to $780 million that was previously disclosed on August 10, 2017. This revised revenue expectation comes as a result of lower than expected digital revenues in the Agency and YP segments.  Despite the expected revenue shortfall, Adjusted EBITDA and free cash flow (see Non-IFRS Measures below) are still expected to be within the guidance ranges provided on August 10, 2017 due to ongoing cost containment. The Company currently expects to announce its third quarter 2017 results on November 7, 2017. \n\nThe Company cautions that the assumptions used to prepare the guidance provided above for full year 2017, although currently reasonable, may prove to be incorrect or inaccurate. Accordingly, actual results may differ materially from expectations as set forth above. The guidance provided above should be read in conjunction with, and is qualified by, the section Forward-Looking I...