APN News&Media is seeking to raise $150 million in a bond offering, with an option to accept over-subscriptions of up to a further $50m.Proceeds from the sale of the bonds were intended to be used for general financing purposes, providing diversificat
APN News&Media is seeking to raise $150 million in a bond offering, with an option to accept over-subscriptions of up to a further $50m.
Proceeds from the sale of the bonds were intended to be used for general financing purposes, providing diversification of funding sources, the trans-Tasman company said today.
"There will be no increase in overall debt as a result of this issue, and it is consistent with recent announcements about the extension of our banking facilities."
An application had been made to NZX for permission to list the bonds.
The bonds are being offered by APN Media (NZ), a wholly-owned indirect subsidiary of APN News&Media.
Among APN News&Media's assets in this country are The New Zealand Herald, seven regional daily titles, magazines including the New Zealand Woman's Weekly and New Zealand Listener, and 50 percent of The Radio Network whose networks include NewstalkZB, Classic Hits and ZM.
Assets in Australia include 14 regional daily publishing centres, and 50 percent of the Australian Radio Network, while the company also has an outdoor advertising unit.
The offer is expected to open next Monday and to remain open until December 10, with the bonds to have a term of about five years. The rate of interest will be fixed and an announcement of the margin and minimum interest rate is expected to be made on or around the opening of the offer.
