May 18, 2009 / 6:14 PM / 10 years ago

RH Donnelley CDS triggered by interest payment miss

NEW YORK, May 18 (Reuters) - Payments on credit default swaps protecting the debt of R.H. Donnelley Corp RHDC.PK will need to be made, after the company failed to make an interest payment due on its debt, the International Swaps and Derivatives Association said on Monday.

Yellow-pages publisher R.H. Donnelley said on Thursday it had reached a forbearance agreements with some of its bondholders and bank lenders relating to a $55 million interest payment due on its debt on April 15. The agreement extends through May 28.

Payments on the company’s CDS, however, will need to be paid because the company failed to make the payment within its 30-day grace period.

Net volumes of around $333.6 million are outstanding on R.H. Donnelley’s debt, according to the Depository Trust & Clearing Corp. (Reporting by Karen Brettell; Editing by James Dalgleish)

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