Seat Pagine: Lighthouse seeks consents for 8% notes in restructuring

By Jennifer Chiou

New York, Aug. 2 - Seat Pagine Gialle SpA announced that Lighthouse International Co. SA is seeking consents from holders of its €1.3 billion of 8% notes due 2014.

In March, the company also ran a consent solicitation for its lock-up agreement. As a result, holders of roughly 92% of the notes are required to participate in the current solicitation.

As announced on July 24, Seat Pagine's restructuring framework agreement - with Lighthouse, Pagine Gialle Phone Service Srl, which is in the process of being transformed into a joint stock company, an informal committee of Lighthouse noteholders, senior lender the Royal Bank of Scotland plc-Milan Branch and a committee comprising RBS and other interested parties - was executed.

In order to implement the restructuring of senior facilities agreement debt, Seat Pagine already said it has proposed a scheme of arrangement under Part 26 of the English Companies Act 2006. The scheme requires approval of 75% by value of each class of creditors and sanction by the English court.

Seat said that no consideration or fee will be paid in the solicitation.

Solicitation background

As already reported, Seat Pagine sought consents from holders of its €550 million of 10½% senior secured notes due 2017 and its €200 million of 10½% senior secured notes due 2017 as part of the previously announced restructuring proposal. The notes were issued in January 2010 and October 2010, respectively.

According to a prior news release, the purpose of the solicitation is to make the necessary modifications to the documentation underlying the securities to enable the restructuring approved by the board in January.

Seat Pagine previously looked to holders to authorize certain proposed waivers and amendments to the indentures of its notes and to authorize the trustee to enter into one or more supplemental indentures.

The company paid a consent fee of €10.00 for each €1,000 principal amount of notes, including a €6.00 early consent fee, in the prior solicitation that ended on March 7.

Questions may be directed to Seat Pagine Gialle Communications at 39 011 435 3030 or Comunicazione.stampa@seat.it.

Seat Pagine Gialle is a yellow pages company based in Torino, Italy.

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