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Yell has plans to get out of the red
By Myles Neligan and Paul Sandle |
September 24, 2009, Thursday
|
Print Edition
Print Edition
DEBT-LADEN British yellow pages publisher Yell Group Plc plans to raise at least 500 million pounds (US$817 million) by selling new shares, using the proceeds to repay creditors, it said yesterday.
Yell, which is battling an advertising slump as it negotiates a structural shift from print to online publishing, currently has debts of about 4 billion pounds compared with its market capitalization of about 583 million pounds.
The company said current trading was in line with its previous guidance, with a sales decline expected to slow to 16 percent in the next quarter from 17 percent this quarter. It expects no material improvement this fiscal year.
Unveiling a refinancing plan under discussion since June, Yell said it intended to pay off a further 300 million pounds of debt within 18 months through a receivables securitization, high-yield bond, a larger initial equity issue or other means.
Yell publishes print and online directories in Britain, the United States, Spain and Latin America.
Yell, which is battling an advertising slump as it negotiates a structural shift from print to online publishing, currently has debts of about 4 billion pounds compared with its market capitalization of about 583 million pounds.
The company said current trading was in line with its previous guidance, with a sales decline expected to slow to 16 percent in the next quarter from 17 percent this quarter. It expects no material improvement this fiscal year.
Unveiling a refinancing plan under discussion since June, Yell said it intended to pay off a further 300 million pounds of debt within 18 months through a receivables securitization, high-yield bond, a larger initial equity issue or other means.
Yell publishes print and online directories in Britain, the United States, Spain and Latin America.
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