Yell Group’s Restructuring

In UK Slaughter and May, advised on the matter.

Slaughter and May advised Yell Limited with a team including Paul Dickson (Debt Capital Markets), Phil Linnard (Executive Compensation), Ed Fife (Picture – Restructuring & Insolvency).

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.

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. 

Yell, also known as Yell UK, is a digital marketing and online directory business in the United Kingdom.

Slaughter and May’s team included Ed Fife (Picture), Partner, Kieran Turton, Associate, Paul Dickson, Partner, Rachel Lawrence, Associate, Phil Linnard, Partner, Ian Brown, Senior Counsel, Hugh Gittins, Senior Counsel and Adrien Mallevays, Associate.

Involved fees earner: Ian Brown – Slaughter and May; Paul Dickson – Slaughter and May; Ed Fife – Slaughter and May; Hugh Gittins – Slaughter and May; Rachel Lawrence – Slaughter and May; Phil Linnard – Slaughter and May; Adrien Mallevays – Slaughter and May; Kieran Turton – Slaughter and May;

Law Firms: Slaughter and May;

Clients: Yell Limited ;

Author: Giulia Di Palma