March 27, 2013 / 8:51 PM / in 5 years

RCS to launch rights issues for up to 600 million euros

MILAN, March 27 (Reuters) - Italian debt-laden publisher RCS MediaGroup said on Wednesday its board had approved the launch of two rights issues for a total of up to 600 million euros as it seeks to turn round its business after two years of losses.

The company, which publishes Italy’s most influential daily newspaper Corriere della Sera and Spain’s El Mundo, said a first rights issue worth at least 400 million euros will be launched by July 2013 to allow the group continue its business.

A second rights issue worth 200 million eurios will be launched by 2015, the group said.

The launch of the cash call comes amid speculation of possible defections among key shareholders.

The group also said that it will get a new financing of around 575 million euros to replace maturing debt with banks if the first rights issue is successfully subscribed. (Reporting by Antonella Ciancio)

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