Yellow Media Obtains $1B in Financing from Lending Syndicate

On February 18, 2010, Yellow Media Inc. (YMI), as borrower, and Yellow Pages Income Fund, as covenantor, concluded an increase of its credit facilities with its lending syndicate, arranged by Scotia Capital as lead arranger and sole book runner and BMO Capital Markets, CIBC World Markets, RBC Capital Markets and National Bank Financial as co-arrangers. Royal Bank of Canada acted as administrative agent, Bank of Montreal, Canadian Imperial Bank of Commerce and The Bank of Nova Scotia acted as co-syndication agents and National Bank of Canada acted as documentation agent. The facilities, in the amount of $1 billion, consist of a revolving facility of $750 million and a non-revolving term facility of $250 million, both maturing on February 18, 2013.

The facilities were made available to finance the day-to-day operating requirements of YMI, fund redemptions under YMI's commercial paper program and for general corporate purposes.

The syndicate of lenders consisted of The Bank of Nova Scotia, Royal Bank of Canada, Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, The Toronto-Dominion Bank and Caisse centrale Desjardins.

YMI and the Fund were represented in-house by François Ramsay, Senior Vice President, General Counsel and Secretary, and assisted by Stikeman Elliott LLP, with a team that included Jean Lamothe, Sylvia Avedis, Lana Rabinovitch, Jennifer Legge (banking) and Christian Meighen and Fanny Brodeur (tax). Charles Reagh of Stewart McKelvey (Nova Scotia); James Ferguson and Douglas Sigurdson of Aikins, MacAulay & Thorvaldson LLP (Manitoba) and Debra Koker of Ropes & Gray LLP (Massachusetts) also acted as counsel in connection with the credit facilities.

The syndicate of lenders was represented by Fasken Martineau DuMoulin LLP, with a team that included Brian Wright and Marc Novello (banking) and Ronald Nobrega (tax)