R.H. Donnelley receives tenders of 97.4% of 8 7/8% notes

New York, Dec. 6 - R.H. Donnelley Inc. said holders tendered $316.6 million or 97.4% of its $235 million of 8 7/8% senior notes due 2010 by the consent deadline of 5 p.m. ET on Dec. 6.

As a result, the company has sufficient consents to amend the note indenture. R.H. Donnelley said it will enter into a supplemental indenture which will become effective when it buys the notes.

The underlying tender, meanwhile, continues.

At its previous announcement on Monday, R.H. Donnelley announced pricing, saying it will pay $1,079.74 per $1,000 principal amount of notes, including the $30.00 per $1,000 consent payment.

Holders who tendered by the consent deadline will receive the full amount, which includes the consent payment.

The tender ends at midnight ET on Dec. 19.

The Cary, N.C., subsidiary of yellow pages publisher and online search company R.H. Donnelley Corp. announced the tender offer on Nov. 21 and said it was also soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants and certain events of default, modify the covenant regarding mergers and modify or eliminate other provisions.

The price for each note was based on the yield to the first call date, discounted using 50 basis points over the yield to maturity of the 3% U.S. Treasury note due Dec. 31, 2006.

The offer is subject to the receipt of consents for a majority of the notes, the company obtaining sufficient financing and other conditions.

Tenders must be accompanied by consents and vice versa.

J.P. Morgan Securities Inc. is dealer manager and solicitation agent (call collect 212 270-1509). MacKenzie Partners, Inc. is information agent (call collect 212 929-5500 or 800 322-2885).

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