Slaughter and May, working as an integrated team with Cravath, Swaine & Moore LLP, is advising Yell and certain of its subsidiaries on the negotiation and implementation of a restructuring of the group’s financing arrangements (the “Restructuring”).
The Restructuring will strengthen Yell’s financial structure through an equitisation of £149 million of the outstanding £214m senior secured notes due 2023 issued by Yell Bondco plc (a subsidiary of Yell) and the implementation of amendments to the terms of the remaining senior secured notes, including a maturity extension to 2027 and the addition of payment-in-kind optionality for the forthcoming two interest payment dates.
Following completion of the Restructuring, Yell will retain a minority interest in the UK group and Slaughter and May is advising in relation to ongoing services arrangements in order to provide ongoing administrative support to Yell until the remaining legacy matters in that group are extinguished.
The Restructuring is subject to approval by the shareholders of Yell and the holders of the senior secured notes and is expected to complete on or around 30 March 2022.