October 23, 2007 - Local Insight Media Completes $547 Million Whole Business Securitization Financing
Local Insight Media, L.P. today announced the closing on October 18, 2007 of a $547 million whole business securitization financing.
ENGLEWOOD, COLORADO - October 23, 2007 - Local Insight Media, L.P. today announced the closing on October 18, 2007 of a $547 million whole business securitization financing. In the transaction, substantially all the assets of two of Local Insight Media's operating subsidiaries, ACS Media LLC and CBD Media LLC, were contributed to two affiliated bankruptcy-remote special purposes entities, ACS Media Finance LLC and CBD Media Finance LLC. Pursuant to a Base Indenture with US Bank National Association acting as trustee, ACS Media Finance and the CBD Media Finance, together with their direct parent, Local Insight Finance LLC, issued $542,000,000 aggregate principal amount of Series 2007-1 Class A-2 Senior Notes and $5,000,000 maximum aggregate principal amount of Series 2007-1 Variable Funding Senior Notes.
CBD Media used $262.5 million of the net proceeds of the financing to repay all of the outstanding 9.25% Senior Notes Due 2012, co-issued by CBD Media Holdings LLC and CBD Holdings Finance, Inc., and all of the outstanding 8.625% Senior Subordinated Notes Due 2011, co-issued by CBD Media and CBD Finance, Inc. (together with related costs). In addition, CBD Media used $102 million of the net proceeds of the financing to repay all amounts owing under CBD Media's credit facility. ACS Media used $124.7 million of the net proceeds of the financing to repay all amounts owing under ACS Media's credit facility.
The securities offered in this transaction have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.
About Local Insight Media
Local Insight Media, L.P., through its subsidiaries, is a leading provider of print directories and Internet-based local search services in the greater Cincinnati metropolitan area, Alaska and the Caribbean. Local Insight Media indirectly owns CBD Media LLC, the leading publisher of print and online directories in the Cincinnati-Hamilton metropolitan area; ACS Media LLC, the largest publisher of print and Internet advertising directories in Alaska; and Caribe Servicios de Informacin Dominicana, S.A., the leading publisher of yellow and white pages directories in the Dominican Republic. In addition, Local Insight Media indirectly owns 60% of Axesa Servicios de Informacin, S. en C., the largest directory publisher in Puerto Rico. Local Insight Media, headquartered in Englewood, Colorado, provides strategic and management oversight for its operating subsidiaries. For more information, please see www.localinsightmedia.com.
Local Insight Media is a portfolio company of Welsh, Carson, Anderson & Stowe (WCAS), which is one of the largest and most successful private equity investment firms in the United States. Since its founding in 1979, WCAS has organized 14 limited partnerships with total capital of over $16 billion. In addition, Spectrum Equity Investors, the former owner of CBD Media, holds a significant minority stake in Local Insight Media. Spectrum is a private equity firm with over $4 billion of capital under management and specializes in information and business services investments.