7th Oct 2008 07:00
7 October 2008
Yell Group plc
Capital structure and banking facilities
Amendment to covenant levels successfully achieved
Following its announcement on 22 September, 2008, that it had commenced discussions with its lenders to amend its future covenant levels, Yell today announces that those discussions have been successful and that HSBC, as agent for the lenders, has confirmed that significantly more than the required acceptance level has been achieved.
The revised leverage and interest cover covenants have been set to give Yell 20% headroom against its forecasts. In consideration of this, the interest rate on the facilities will rise by 1% and a one-off amendment fee of 0.5% will be paid to consenting lenders.
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