INM confident of bond refinancing

INDEPENDENT News & Media (INM) is confident of reaching a repayment or refinancing agreement regarding its €200 million bond within the next five weeks, after being granted an extension to its deadline, as expected, yesterday.

INM’s board last week requested a so-called standstill agreement from bondholders, basically allowing it more time to negotiate.

Yesterday, it announced that the request had been granted, with the period running from yesterday to June 26.

While the five-week period is being viewed as an appropriate period, the standstill period could be extended, so long as INM’s bankers and the bondholders are in agreement.

Although INM’s second largest shareholder, entrepreneur Denis O’Brien, recently said that there was only a 50-50 chance of a successful conclusion to the re-financing talks; INM group chief financial officer Donal Buggy has said, in recent weeks, that the INM board is confident that a satisfactory deal will be done.