INM bond deal could be finalised soon

THE guts of the deal, tentatively agreed on Monday, between Independent News & Media (INM) and its lenders with regard to its overdue €200 million bond could be finalised before the end of next month.

INM’s board announced late on Monday that it had reached initial agreement with its banks and bondholders over the restructuring of the loan, which was originally due for repayment last May.

The new deal would see around €123m of the debt exchanged for a 46.3% combined stake in INM for the bondholders, with a rights issue aimed at raising €94m to pay off the remainder of the outstanding bond debt.