Yell Group inches closer to £500m rights issue

Yell Group, the publisher of Yellow Pages directories, is likely to launch a £500m rights issue on Monday after winning approval from all but one of its lenders for a cash call.

The company is awaiting for the nod from a final creditor after saying yesterday that it was close to winning wholesale approval for its £3.8bn refinancing plan. Yell needs the backing of 95 per cent of lenders to amend its bank loans and launch the equity deal.