21 May 2009

More interest than expected in offer by media company

12:24 pm on 21 May 2009

APN News & Media has raised $A83 million from its institutional investors.

The Australasian media company says there was more interest than expected in the offer and increased the amount raised from $A79 million.

APN says the money will go towards reducing debt and strengthening its balance sheet.

The company plans to offer new shares to existing shareholders, to raise a total $A99 million.