Here is an article on the bond offering for Yellow Pages Group New Zealand. The company’s owners are cutting back on its size to improve demand. This is certainly a sign that at least for now, conditions are not good for private equity deals. Makes us wonder if we will see any more PE deals in Yellow Pages in the near future. YPGNZ is a solid company with dominant market position and high EBITDA. This is less about the company than about the worldwide credit squeeze.