Johnston Press unveils refinancing plans of more than £360 million

Edinburgh-based publisher Johnston Press, the owner of the Banbury Guardian and Daventry Express, on Friday unveiled details of plans for more than £360 million refinancing of the company.

The publisher announced that it would issue a bond issue of around £220 million alongside a share issue of £137.7 million. In addition, the company will raise nearly £2.3 million via a share placing and sign a new £25 million revolving credit facility.

According to Johnston Press CEO Ashley Highfield's claims, the company has already achieved much in reviving its business performance, with the year of 2013 marking a return to growth in underlying operating profit for the first time in the last seven years.

Announcing the refinancing plan, Highfield said, "Johnston Press has already achieved much in turning around our business performance. The refinancing of the business is another milestone for the company and I am delighted to be announcing this capital refinancing plan."

The publisher also announced the launch of a regional advertising alliance with satellite broadcaster Sky. Speaking about agreement with Sky, Mr. Highfield said that the company had been concentrating on its vision to become a really multimedia business for the last couple of years.

Johnston Press operates in a total of eight regions, including Scotland, the South, the North-East, Midlands, Northern Ireland, West Yorkshire, and the North West & Isle of Man.