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£360m refinancing deal for Johnston Press

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Regional newspaper publisher Johnston Press - owner of The Star and Sheffield Telegraph - has unveiled plans for a £360m refinancing.

It will issue about £220m in bonds and raise £137.7m through a share issue.

The group will also raise about £2.3m through a share placing and enter into a new £25m revolving credit facility.

Chief executive Ashley Highfield said: “Johnston Press has already achieved much in turning around our business performance, with 2013 marking a return to underlying operating profit growth for the first time in seven years.

“The refinancing of the business is another key milestone for the company and I am delighted to be announcing this capital refinancing plan.”

Meanwhile, Johnston Press also launched a regional advertising partnership with satellite broadcaster Sky.

It said customers using its print and digital platforms for advertising will now be able to use Sky’s AdSmart product, which lets businesses target their TV advertising at specific local markets.

 

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