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Johnston Press completes “successful” £360m refinancing plan

Johnston Press has announced the “successful” completion of its capital refinancing plan, the publisher’s attempt to raise funds to reduce its debt.

The publisher of the Yorkshire Post and Lancashire Evening Post raised £140m from the sale of shares and a further £220m from bonds.

The plan will enable it to reduce its £300m debt to just under £200m.

The company said in a statement: “Johnston Press plc is pleased to announce the successful completion of its Capital Refinancing Plan announced on 9 May 2014.

“Gross proceeds of £140.0 million have now been received by the Company in connection with the Placing and the Rights Issue, and further to the announcement made by the Company on 14 May 2014, gross proceeds of £220.5 million from the offering of £225.0 million 8.625pc senior secured notes due 2019 at an issue price of 98pc have now been released to the Group from escrow.

“All amounts outstanding under the Existing Lending Facilities have been prepaid and cancelled in full, the Private Placement Notes have been redeemed in full, and the New Revolving Credit Facility has become available.”

Last month we reported how BSkyB had taken a £5m stake for a 1.7% holding.

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