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TEXT-S&P cuts Yellow Media Corporation to ‘CC’

TEXT-S&P cuts Yellow Media Corporation to ‘CC’


Overview   — Montreal-based classified directory writer Yellow Media Corporation.introduced a deal to switch its existing personal Dame 2012 Nike Free Trainer debt for brand new senior guaranteed notes and subordinated unsecuredexchangeable debentures, in addition to cash and customary shares.   — The organization has additionally offered holders of existing convertiblesubordinated debentures, preferred shares, and customary shares an exchange for17.5% from the new common shares in addition to warrants representing 10% from the newshares.   — We percieve the sale like a distressed exchange under our criteria and also havetherefore decreased our lengthy-term corporate credit score on Yellow Media to’CC’ from ‘CCC’.   — In the same, we decreased our problem-level rating Billige Dame Nike Free 3.0 V2 til salg around the company’s seniorpersonal debt to ‘CC’ from ‘CCC’ and decreased the problem-level rating on itsconvertible subordinated debentures to ‘C’ from ‘CC’. The recovery rankings onthese investments are unchanged at ’4′ and ’6′, correspondingly.   — We’re getting rid of the rankings from CreditWatch.   — Should the organization complete the exchange as suggested, we’d lowerall rankings to ‘D’.Rating ActionOn This summer 23, 2012, Standard & Poor’s Rankings Services decreased its lengthy-termcorporate credit score on Montreal-based classified directory releasedYellow Media Corporation. to ‘CC’ from ‘CCC’. The downgrade follows the business’sannouncement earlier within the day that it’s taking creditor approval torestructure its existing debt inside a transaction that people view like a distressedexchange . The outlook is negative.Standard & Poor’s also decreased its problem-level rating on Yellow Media’s seniorpersonal debt to ‘CC’ from ‘CCC’ and decreased the problem-level rating on itsconvertible subordinated debentures to ‘C’ from ‘CC’. The recovery rankings onthese investments are unchanged at ’4′ and ’6′, correspondingly. Simultaneously,Standard & Poor’s confirmed its ‘D’ problem-level rating around the company’spreferred shares. Standard & Poor’s removed the rankings from CreditWatch,where these were placed May 10, 2012.RationaleThe downgrade follows Yellow Media’s announcement that’s has began a dealto switch its existing unsecured credit facilities and medium-term notes,amassing C$1.8 billion, for a mix of C$750 million 9% senior guaranteednotes due 2018, C$100 million of 8% subordinated unsecured exchangeabledebentures due 2022 , C$250million of money, and 82.5% from the new common shares. The organization has offeredholders of existing convertible subordinated debentures, preferred shares, andcommon shares to switch individuals for 17.5% from the new common shares andwarrants representing 10% of aggregate new common shares. Dame Nike Free 3.0 V3 Based on ourcriteria, we percieve this like a distressed exchange and tantamount to some default.Based on the offer, each existing senior unsecured creditor would receiveC$423 of six-year senior guaranteed notes, C$56 of 10-year subordinated unsecuredexchangeable debentures, C$141 million of money, and roughly 12 newcommon shares for every C$1,000 face worth of existing debt. Holders ofexisting convertible debentures are now being offered .625 new common shares and.357 warrants for every C$1,000 face worth of existing debentures. The organizationis providing holders of series 1, 2, 3, and 5 preferred investors 6.25 newshares and roughly 3.57 warrants, and series 7 preferred investorsroughly 1.88 and 1.07 new shares and warrants, correspondingly, for every100 shares.An initial-priority lien on substantially all Yellow Media assets would securethe brand new senior guaranteed notes, which mature November. 30, 2018. Starting May 31,2013, the organization could be needed to make use of 70% of their trailing two quarter’excess income to redeem these notes at componen on the professional rata basis. The brand newunsecured exchangeable debentures would mature November. 30, 2022. Noteholdersrepresenting 23.7% from the senior personal debt have decided to election forfrom the plan. Yellow Media is taking additional support for that plan andneeds to accomplish the transaction through the finish of September 2012.The exchange offer, if completed, would cut back reported total debt andpreferred shares to C$854 million from about C$2.8 billion at March 31, 2012,and enhance the company’s professional forma debt-to-EBITDA ratio to around 1.8x from 4.1x.LiquidityLiquidity is weak according to Standard & Poor’s criteria. On February. 9, 2012, YellowMedia introduced it had become exploring choices to re-finance maturities this yearand beyond. This evaluation led to the exchange offer, without that theclients are unlikely to have the ability to re-finance its approaching debt maturities.Recovery analysisWe rate Yellow Media’s senior personal debt ‘CC’ , having a recovery rating of ’4′, showing ourexpectation of average recovery in case of a default. Standard& Poor’s also rates the business’s subordinated debt ‘C’, having a ’6′ recoveryrankings, showing our expectation of minimal recovery inside adefault situation.OutlookThe outlook on Yellow Media is negative. If the organization completes the suggestedexchange offer, we’ll lower all rankings to ‘D’. Following a exchange, wewill reflect on our rankings on Yellow Media, and assign recovery and problem-levelrankings towards the new debt.Related Criteria And Research   — Rating Implications Of Exchange Offers And Other Alike Restructurings,Update, May 12, 2009   — How Standard & Poor’s Uses Its ‘CCC’ Rating, 12 ,. 12, 2008Rankings ListYellow Media Corporation.Rankings Decreased And Taken Off CreditWatch/Recovery Rankings Unchanged                 To             From Corporate credit score     CC/Negative/–       CCC/Watch Neg/– Senior personal debt      CC             CCC/Watch Neg Recovery rating        4             4 Subordinate debt        C             CC/Watch Neg Recovery rating        6             6Rating Confirmed Preferred shares        D

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