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Dex: Dex Media
built 632 days ago
Fitch has been more cautious on the company's financial policies as RHD has made a digital acquisition, repurchased shares and announced a dividend within two years of completing the Dex Media acquisition. Given significant weakness in the company's stock price, Fitch believes management will continue to balance debt repayment with some returns of capital to shareholders or acquisitions over the next several years. However, Fitch views the pull-back of the dividend as positive sign in this regard. Even with the strong free cashflow dynamics Fitch does not expect leverage to reach and be maintained within management's stated target of 5.5 times (x)-6.0x in the intermediate term. Although it recently demonstrated access to capital in the third and fourth quarters of 2007, at over $10 billion, Fitch is cognizant that the company's debt burden and the state of the credit markets could heighten refinancing risk in the coming years. Fitch will continue to monitor the company's access to capital and plans as it relates to debt maturities and credit facility expirations.
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Other factors which could materially affect such forward-looking statements can be found in Dex Media's filings with the Securities and Exchange Commission, including risk factors. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and Dex Media undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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[O]f purchase accounting, RHD was required to adjust the carrying value of Dex Media's debt at January 31, 2006 to its fair value. Net debt - GAAP represents total debt less cash and cash equivalents on the respective date. Net debt -- excluding fair value adjustments represents net debt -- GAAP adjusted to remove the remaining fair value purchase accounting adjustment of Dex Media's debt.
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On October 3, 2005, R. H. Donnelley Corporation announced its intent to acquire Dex Media. RHD's acquisition of Dex was completed on January 31, 2006. The combined company is still R. H. Donnelley Corporation, with headquarters in Cary, North Carolina.
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RHD selected Cramer-Krasselt after an extensive search following RHD's acquisition of Dex Media earlier this year and the company's decision to consolidate its advertising efforts under a single agency. The search involved a review of 16 separate agencies.
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