Seat Pagine Gialle is shifting from an interim debt structure to a more permanent debt structure by issuing a E1.15 billion in 10-year bonds designed to replace a bridge loan. The changes will also include moving Seat's existing loans to the operating company level and creating a E3.5 billion special dividend. The company is also putting in a E150 million second-lien facility. European loan sources said the structure of Seat's term loans would not change with the shift. According to Standard & Poor's, Seat has E2.75 billion of senior credit facilities and a E150 million revolving credit facility. Loan traders said the company's "A" loan trades around the 99.50 context and the "B" tranche changes hands in the 99.85 range. But supply of Seat's "C" term loan was said to be sparse with many funds looking for the paper. The Royal Bank of Scotland, BNP Paribas, Barclays and Credit Suisse First Boston led the company's bank debt, which broke into the market late last year. Calls to the company were referred to a spokesman who did not return calls by press time.