Yell buys back £137m of debt for £48m

16 Jan 2012

UK directories company Yell Group will buy back the equivalent of £137.5m of its own debt on January 19 for a consideration of £48.1m after inviting bids from its lenders last week.

The figure indicates the loans were bought for 35% of face value — a substantial discount for Yell, although at least five points above where the loans have been trading in the secondary market in recent months.

Last week, some lenders to Yell said they would not sell ...

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