19 Oct 2009 11:36
19 October 2009
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES
YELL GROUP PLC
UPDATE ON COMPREHENSIVE REFINANCING PROPOSALS
On 23 September 2009, Yell Group plc ("Yell" or the "Group") announced that it was presenting proposals to its wider lending syndicate as part of its plans for the comprehensive refinancing of the Group, and explained that it was seeking approval from lenders representing 95% by value of its current term debt facilities.
Yell is pleased to announce that the proposals have found favour with a high percentage by value of its lenders within a relatively short timescale. Yell is therefore today extending the deadline for responses for a short period to 5:00pm (London time) on Monday, 26 October 2009, and will be working with the remaining lenders to seek their approval by that date.
John Davis, Chief Financial Officer, said: "We are delighted to have had such a positive endorsement of our proposals from so many of our lenders. This is a massive logistical exercise as we have a very large number of lenders, and we are pleased that so many have been able to respond in time. We are now extending the deadline to allow the remaining lenders more time to process our request through their credit committees."
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)7793 957 848
Citigate Dewe Rogerson
Anthony Carlisle
Tel: +44 (0)20 7638 9571
Mobile: +44 (0) 7973 611 888