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Independent News & Media PLC Announces Restructuring of Debt Facilities through Sale of INMSA, Restructuring ROI Pension Schemes and Raising New Equity

Friday, 26 Apr 2013 02:00am EDT 

Independent News & Media PLC announced that the Company has agreed terms of a restructuring of its debt facilities ('Restructuring') and has entered into a formal agreement with its syndicate of eight lenders ('Lenders') under which INM and its Lenders agree to support and implement the Restructuring (the 'Restructuring Agreement'). The restructuring includes (i) sale of INMSA, debt pay-down and interim restructuring of debt to substantially reduce the burden of the existing debt levels on the Group; (ii) restructuring of the Group's ROI Pension Schemes, in conjunction with the Trustees of the schemes, to reduce their deficit and provide greater certainty on future pension-related funding, and (iii) raising new equity to enable EUR 40 million of debt to be repaid, which will allow core debt levels to be reduced further to EUR 118 million with EUR 8 million of other facilities and credit lines. 

Company Quote

-0.0020 -1.52%
18 Dec 2014