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Dex Media units buy back $53.7 million of bank debt at discount
By Angela McDaniels
Tacoma, Wash., June 16 – Dex Media, Inc.’s four operating subsidiaries have repurchased $53.7 million principal amount of bank debt for about $46.0 million, according to a company news release.
The subsidiaries began offers to buy back the bank debt on June 5. The offers expired at 5 p.m. ET on June 12, and settlement took place on Monday.
SuperMedia Inc. paid $29 million to repurchase $34.4 million principal amount of bank debt at an accepted price of 84.25. The company offered to use up to $29 million to repurchase its bank debt at a price of 82 to 85.
R.H. Donnelley Inc. did not repurchase any debt. It offered to use up to $8 million to repurchase its bank debt at a price of 67.75 to 70.75.
Dex Media East, Inc. paid $7 million to repurchase $8.5 million principal amount of bank debt at 82.2. It offered to use up to $7 million to repurchase its bank debt at a price of 79.75 to 82.75.
Dex Media West, Inc. paid $10 million to repurchase $10.8 million principal amount of bank debt at 92.5. It offered to use up to $10 million to repurchase its bank debt at a price of 90 to 93.
The companies’ senior secured credit facilities were amended and restated in connection with the completion of the merger between Dex One Corp. and SuperMedia on April 30, 2013, when the two companies also exited Chapter 11 bankruptcy. The terms of the amended facilities allow the companies to repurchase and retire debt below par, subject to some conditions.
JPMorgan Chase Bank, NA is the administrative agent and collateral agent under the SuperMedia, Dex Media East and Dex Media West credit facilities, and Deutsche Bank Trust Co. Americas is the administrative agent and collateral agent under the R.H. Donnelley credit facility.
Dex One is a Cary, N.C.-based marketing services provider. SuperMedia is a Dallas-based directory publisher.
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