Yell uses cash reserves for £150m early loan repayment
Yell Group, the directories company that was downgraded by Moody’s to B3 with a negative outlook in November 2010, has repaid £150m of senior bank debt using cash reserves.
In its restructuring of November 2009, Yell agreed to reduce its debt by a minimum of £800m by May 2011 or face paying a upfront fee and margin increases. Following the new repayment, the company still has £66m left to pay off. Some £559m was repaid with an
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