20 May 2009

APN media group seeks capital

9:09 am on 20 May 2009

Australian media firm APN News and Media is seeking to raise $A99 million to reduce debt and strengthen its balance sheet.

The company is offering investors one new share for every existing five shares at $1 each, a 16% discount to Tuesday's closing price.

The media firm's largest shareholder, Independent News & Media, will not participate in the offer.

APN says the underwritten part of the capital raising will reduce debt from $A911 million to $A834 million.