Johnston Press, owner of the Burnley Express, has successfully completed its £360m. capital refinancing plan, having raised £140m. from a rights issue and a further £220m. from a new fixed rate bond.
The media company, which owns 250 newspapers and almost 200 local news and e-commerce websites, announced its intention to refinance in May as part of plans to fund future business growth.
Shareholders took up 92.25% of some 4.6 billion new shares that were issued and the company’s underwriters, Panmure Gordon and JP Morgan Cazenove, secured investors for the remaining 7.75%. The new shares are now trading on the stock exchange.