News Column

Johnston pulls in pound(s)220m from successful bond issue

June 24, 2014

JOHNSTON Press has announced the completion of its capital refinancing plan announced on May 9, following a successful bond issue.

It said gross proceeds of pound(s)220.5 million from the offering of pound(s)225m of 8.625 per cent senior secured notes, due 2019, at an issue price of 98 per cent, had now been released to the group.

That is added to pound(s)140m received from the placing and rights issue. Johnston has raised pound(s)138m from shareholders in a 6.52 for one issue of new shares, and pound(s)2m in a placing with new advertising partner Sky.

It said all existing loans had been pre-paid and cancelled, private placement notes had been redeemed in full, and its new revolving credit facility was now available.

The shares rose 0.1p to 3.70p,valuing Johnston at pound(s)190m.

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Source: Herald, The (Scotland)

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