YPG Holdings Completes an Offering of Medium Term Notes for an Aggregate Amount of $300M

On November 23, 2009, YPG Holdings Inc. completed a public offering of 7.75 per cent Series 10 Medium Term Notes due March 2, 2020 for gross proceeds of $300 million. The offering was made pursuant to YPG Holdings' Short Form Base Shelf Prospectus dated June 20, 2008 and a prospectus and pricing supplement dated November 18, 2009. The Series 10 Notes are guaranteed by Yellow Pages Income Fund, YPG Trust, YPG LP, Yellow Pages Group Co., Trader Corporation, YPG (USA) Holdings, Inc., Yellow Pages Group, LLC and YPG Directories, LLC.

The proceeds from the issuance of the Series 10 Notes will be used to repay indebtedness outstanding under YPG Holdings' commercial paper program, and for general corporate purposes. The offering was led by RBC Dominion Securities Inc., Scotia Capital Inc. and BMO Nesbitt Burns Inc. acting as joint bookrunners, with CIBC World Markets Inc., TD Securities Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Casgrain & Company Limited and Desjardins Securities Inc. participating as co-managers.

Yellow Pages was represented in-house by François D. Ramsay, senior vice president, general counsel and secretary; Marie-Josée Lapierre, director, legal affairs and Adam Sargon, legal counsel, and assisted by Stikeman Elliott LLP, with a team that included André Roy, Jean Marc Huot, Robert Carelli, Christine Legé and Zev Zelman (corporate and securities) and Luc Bernier and Christian Meighen (tax).

The underwriters were represented by Fasken Martineau DuMoulin LLP, with a team that included Gilles Leclerc, Catherine Isabelle and Jean-François Séguin (corporate and securities) and Gilles Carli (tax).


Gilles Leclerc Catherine Isabelle Christine Legé Gilles Carli Christian Meighen Zev Zelman André J. Roy Luc Bernier Robert Carelli Jean-Francois Seguin Jean Marc Huot