YP readies launch of $1.2 billion credit facility for Wednesday

By Sara Rosenberg

New York, May 6 - YP LLC will hold a bank meeting at 2 p.m. ET in New York on Wednesday to launch a $1,225,000,000 five-year credit facility, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

The facility consists of a $450 million ABL revolver and a $775 million term loan B, the source said.

Proceeds will be used to refinance all of the company's existing debt and fund a distribution to equity holders.

Pro forma leverage for the refinancing is 1.3 times LTM EBITDA, the source added.

Tucker, Ga.-based YP is a provider of local business print, online and mobile directory services.

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