New Zealand's Yellow Pages Group will cut its bond issue by at least half because of difficulty attracting investors, a market source said.
The issue will be for between $100 million and $150 million - down from $300 million originally, because of the volatility in credit markets, a
source told Reuters.
The company was due to unveil the details of the issue today, but said an announcement would now be made on Wednesday, citing technical difficulties in registering the offer document.
Proceeds of the issue are to refinance a bridge facility used to fund the acquisition of the Yellow Pages by private equity firms.
The consortium, comprising CCMP Capital and Canadian pension fund Teachers' Private Capital, purchased the Yellow Pages from Telecom in March for $2.2 billion.
- REUTERS
