INM reaches deal on bond finance

THE board of Independent News & Media (INM) has announced hat it has reached an initial agreement with its lenders regarding the overdue refinancing of its €200 million bond.

The deal will see around €123m of the bond exchanged for an equity stake for the bondholders, of 46.3% in INM – broadly in line with what was speculated upon last week.

A rights issue will also be held, aimed at raising €94m to pay off the remainder of the bond debt. The agreement needs a 75% acceptance rate from the relevant bondholders, but INM said in a statement last night that its banks have indicated that they are supportive of this restructuring plan.