New Issue: Advertising Directory prices downsized $170 million eight-year notes to yield 9¼%

By Paul A. Harris

St. Louis, Oct. 28 - Advertising Directory Solutions Holdings Inc. priced a downsized $170 million offering of eight-year fixed-rate senior notes (Caa1/B-) at par on Thursday to yield 9¼%, according to a syndicate source.

The notes priced at the tight end of the 9¼% to 9½% price talk.

JP Morgan, Banc of America Securities, Deutsche Bank Securities, and Merrill Lynch & Co. ran the books for the Rule 144A issue.

Proceeds will be used to help fund the acquisition of the Verizon Communications' directory operations in Canada by Bain Capital.

The issuer is a Burnaby, B.C.-based directories publisher.

Issuer:	Advertising Directory Solutions Holdings Inc.
Amount:	$170 million (decreased from $210 million, with $40 million switched to second-lien term loan)
Maturity:	Nov. 15, 2012
Security description:	Fixed-rate senior notes
Bookrunners:	JP Morgan, Banc of America Securities, Deutsche Bank Securities, Merrill Lynch & Co.
Coupon:	9¼%
Price:	Par
Yield:	9¼%
Spread:	538 basis points
Call features:	Make-whole call at Treasuries plus 50 basis points until Nov. 15, 2005, then callable at 103, 102, 101, par on Nov. 15, 2008 and thereafter
Pricing date:	Oct. 28
Settlement date:	Nov. 2
Ratings:	Moody's: Caa1
	Standard & Poor's: B-
Price talk:	9¼%-9½%

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