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Yell renegotiates bank covenants

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Date: Tuesday 07 Oct 2008

LONDON (ShareCast) - Yellow Pages publisher Yell has agreed an amendment to its bank covenants with major banks that gives it more flexibility in tough conditions.

The revised leverage and interest cover covenants have been set to give Yell 20% headroom against its forecasts. In consideration of this, the interest rate on the facilities will rise by 1% and a one-off amendment fee of 0.5% will be paid to consenting lenders.

HSBC, as agent for the lenders, has confirmed that significantly more than the required acceptance level has been achieved, Yell added.




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