Yell pays back £150m of debt

 
City A.M. Reporter
Yell said it paid back £150m of its senior bank debt ahead of schedule on 31 December, cutting its interest bill and leaving it with £66m to pay by May under its 2009 refinancing.

Shares in the heavily indebted yellow-pages publisher touching an eight-week high of 15.25 pence after the announcement.

Yell's Finance Director Tony Bates, who was appointed in October, said the early repayment reflected the company's ability to progressively pay down its debt.

The company struck a deal with creditors in November 2009 to extend its debt until 2014 and followed that with a £660m rights issue. Its net debt at the end of its first half on 30 September stood at £2.9bn.