Financial Instruments

Exchangeable Debentures

(in thousands of Canadian dollars)

Principal Amount:

$107,089

Maturity:

November 30, 2022

Interest Rate:

8.00% per annum 1

Interest shall be payable in cash semi-annually in arrears in equal installments on the last day of May and November of each year (or if such day is not a Business Day 2, on the next Business Day 2).

The Exchangeable Debentures are exchangeable at the holder’s option into common shares at any time at an exchange price per common share equal to $19.04 3

 

Download the Trust Indenture:

Indenture Governing the Senior Subordinated Exchangeable Debentures pdf - 1.1 MB

 

Credit Ratings

DBRS – Issuer

B (high) / stable

Standard & Poor’s - Corporate

B - / stable outlook

DBRS – Exchangeable Debentures

B (low)

Standard & Poor’s – Exchangeable Debentures

CCC

 

1. The Company may pay an interest rate of 12% per annum in the event that the Company makes a Paid In Kind election to pay any interest in additional Senior Subordinated Exchangeable Debentures.
 
2. "Business Day" means any day other than a Saturday or Sunday or any other day on which the Canadian Trustee's office in Montreal, Quebec is not generally open for business, or any other day on which Canadian chartered banks are closed in Montreal, Quebec.
 
3. As at May 8, 2015, Yellow Pages had $107.1 million principal amount of Exchangeable Debentures outstanding, which amount is exchangeable into 5,624,422 common shares of Yellow Pages Limited at an exchange price of $19.04, subject to adjustment for specified transactions pursuant to the indenture governing the Exchangeable Debentures.