MINNEAPOLIS–Business Wire–U

MINNEAPOLIS–(Business Wire)–U.S. Private equity firms Apax Partners [APAX.UL] and Cinven[CINV.UL] bought Truvo, previously known as VNU WorldDirectories, in 2004 for about 2 billion euros. They refinancedthe company on more advantageous terms in April 2007, at theheight of the credit boom. S&P rates Truvo’s bonds — totalling 395 million euros and$200 million and due in 2014 — two notches lower than thecompany because the bonds are ranked lower in the capitalstructure than its loans, which total about 1 billion euros. “Truvo’s capital structure is likely to becomeunsustainable in the near term, especially in light of thecurrent adverse trading environment,” S&P said. “Do you use it (the cash) for upside and growth or do youuse it to pay down debt or tender debt in the secondarymarket?” he added. Truvo’s finances have been hit by weak trading conditionsand the transition of customers to the internet.

In May Standard & Poor’s downgraded Truvo’s ratings to CCC+with a negative outlook due to weak finances. Management and Truvo’s private equity owners areconsidering options that include acquisitions and repayingdebt, the investor source said. Options open to the company include a restructuring of itsdebt or a debt buyback, a suggestion made by Truvo ChiefExecutive Donat Retif in April [ID:nLU457228]. Houlihan Lokey’s appointment may not lead to any specifictransactions or outcomes, Truvo said. CASH AT HAND The company had about 250 million euros in cash on itsbalance sheet at the end of March after selling its Dutchdirectories business Gouden Gids The discussion is focussing around the best use of thiscash.

“There is not a formal process, it’s one where people arecircling around and looking at who to go to for advice,” saidan investor source. Private-equity owned Truvo is now weighed down by about 1.2billion euros ($1.69 billion) of debt and appointed HoulihanLokey as financial adviser to help it consider “variousbusiness and capital structure alternatives” this week. In response, lenders to the company are also seeking helpto represent their interests in any discussions as the companyconsiders its options, the source said. Private Capital Truvo, a poster child for the debt-fuelled private equityboom, was formerly known as VNU World Directories and was thefirst European leveraged buyout to feature US-style “covenantlite” loans, at the top of the frothy debt markets in mid2007. LONDON, July 16 (Reuters) – Lenders to directories firmTruvo are looking to appoint an adviser, two sources close tothe situation said on Thursday, after the company appointed afinancial adviser earlier this week. Robert Thirsk, a member of the crew ofExpedition 20/21, was launched in a Russian Soyuz vehicle fromKazakhstan, to participate in a six-month stay on the International SpaceStation (ISS).

Expedition 20/21 establishes a series of excitingbenchmarks for Canada’s space program and Dr. Thirsk is the firstCanadian astronaut to live and work onboard the International SpaceStation for several months in a row.On Wednesday, July 15th, Canadian Space Agency astronaut Julie Payetteventured to the International Space Station aboard Space ShuttleEndeavour as a member of Mission STS-127. For the first time in history,two Canadians will be in space together during this mission.Part of Julie’s mission objectives was to deliver critical supplies tothe International Space Station where Dr. Canadian astronauts have selectedthe well known Brookside product to be available for their currentmissions.In late May, Canadian Dr. ABBOTSFORD, BRITISH COLUMBIA, Jul 16 (MARKET WIRE) — Sales of Canada’s Brookside Food’s Chocolate Covered Cranberries aregoing out of this world …literally.

CONTACT:Miles Arnone, Managing Director, Technology Group (508) 598-1100Will Rudat, Vice President, Technology Group (508) 598-1100Jennifer Burke, Corporate Communications (301) 968-9400SOURCEAmerican Capital Ltd.Miles Arnone, Managing Director, Technology Group, +1-508-598-1100, or WillRudat, Vice President, Technology Group, +1-508-598-1100, or Jennifer Burke,Corporate Communications, +1-301-968-9400. Performance data quoted above represents past performance of American Capital.Past performance does not guarantee future results and the investment returnand principal value of an investment in American Capital will likelyfluctuate. Consequently, an investor’s shares, when sold, may be worth more orless than their original cost. Additionally, American Capital’s currentperformance may be lower or higher than the performance data quoted above.This press release contains forward-looking statements. The statementsregarding expected results of American Capital are subject to various factorsand uncertainties, including the uncertainties associated with the timing oftransaction closings, changes in interest rates, availability of transactions,changes in regional, national or international economic conditions, or changesin the conditions of the industries in which American Capital has madeinvestments. For furtherinformation, please refer to (1) As of March 31, 2009.