Offering by YPG Holdings for $207.5 million of cumulative rate reset preferred shares, series 3

On September 23, 2009, YPG Holdings Inc., a subsidiary of Yellow Pages Income Fund (TSX:YLO.UN), closed its previously announced public offering of cumulative rate reset preferred shares, series 3, raising gross proceeds of $187.5 million. The issue was led by a syndicate of underwriters including CIBC and Scotia Capital Inc., acting as joint book-runners. After the underwriters exercised their overallotment option, gross proceeds totaled $207.5 million. 

Net proceeds resulting from the sale of the Series 3 Preferred Shares will be used by YPG Holdings to repay indebtedness and for general corporate purposes.

The underwriters were advised by a team from Fasken Martineau that included Peter Villani and Catherine Isabelle (securities), and Gilles Carli (tax), assisted by articling student Jean-François Séguin.