PagesJaunes said serene on the refinancing of its debt
Posted by adminPagesJaunes intends to forego the dividend in 2012 as a precaution in order to give maximum flexibility to consider options to refinance its debt, said Wednesday its director gen ; eral Jean-Pierre Remy.
Heavily in debt, the publisher of printed directories and online, announced Wednesday he will propose to the unusually next general meeting of shareholders to pass the dividend for in 2011.
"The current market conditions are not particularly favorable (…) and therefore we consider that we must maintain maximum flexibility in the short term in our choice of financing options," said Jean-Pierre Remy.
The shareholder of PagesJaunes, Mediannuaire, supports "full" this initiative is in no way representative of the political future of the group's dividend, he said ;.
The leader of the French group said he was "serene" about the group's ability to refinance the last installment of its debt, which matures in November 2013, while pre , specifying that the formal process had not yet been committed.
"The scenarios are very wide, very open. We want to give it time," said Jean-Pierre Remy, adding that the refinancing would likely over the next 12 months.