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Yell Group repays £139 million of debt, satisfies reduction amount
By Toni Weeks
San Diego, April 27 - Yell Group plc completed £139 million of debt repayment during the last five weeks, according to a company filing with the London Stock Exchange.
In addition to scheduled debt repayments of £98 million during March and April, the company made an early repayment on Thursday of £41 million.
Due to these payments and the early repayments of £150 million announced Jan. 4, Yell Group has satisfied the £800 million reduction amount required under the company's 2009 refinancing. Consequently, it is not required to pay one-off fees of £15 million or be subjected to a 50 basis points increase in interest.
"Yell's strong cash flows have enabled the group to meet all of its scheduled debt repayments and to accelerate early repayment of debt for the second time in four months," Tony Bates, chief financial officer, said in the filing.
Yell Group is a Reading, England-based directories company.
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