DBRS Rates YPG Holdings Inc.’s $125 million Preferred Share Issue Pfd-3 (high), Stable Trend

DBRS has today assigned a rating of Pfd-3 (high) to the $125 million 6.90% Series 5 preferred share issue of YPG Holdings Inc. (YPG or the Company). The trend is Stable. The shares consist of cumulative rate reset preference shares, with a rate reset period of 5.5 years, ending on June 30, 2015.

The shares will rank on parity with all other preferred shares of YPG and will be fully and unconditionally guaranteed by Yellow Pages Income Fund (the Fund). The obligations of the Fund under this guarantee constitute direct unsecured and unsubordinated and known obligations of the Fund, which obligations are to be paid and settled before distributions are to be made by the Fund of any of its remaining assets among its unitholders.

DBRS expects YPG to use the proceeds from this preferred share issue for repaying existing indebtedness and for general corporate purposes.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Media and Entertainment, which can be found on our website under Methodologies.

This is a Corporate rating.