Johnston Press PLC Amendment to Credit Facility (1685S)
December 19 2016 - 2:00AM
UK Regulatory
TIDMJPR
RNS Number : 1685S
Johnston Press PLC
19 December 2016
19 December 2016
Johnston Press plc
("Johnston Press" or the "Company")
Amendments to the Super Senior Revolving Credit Facility
Following the announcement on 4 October 2016, the Company is
pleased to report that it has agreed further changes to the terms
of its Super Senior Revolving Credit Facility with all of the
lenders providing that facility. The amended terms are effective
immediately and will provide the Group with a revolving credit
facility of GBP10.0 million, such amount reducing over time until
30 June 2018 (the "Amended Facility").
The Amended Facility will be tested against revised leverage
ratio covenants (tested quarterly), with an obligation to prepay
and cancel the Amended Facility with 75 per cent. of net cash
proceeds of any disposals outside of the ordinary course that the
Company receives on or prior to 31 December 2016 and 100 per cent.
of net cash proceeds of any subsequent such disposals thereafter.
The Amended Facility currently remains undrawn.
On 16 December 2016 the Company announced that its subsidiary,
Johnston Publishing Limited, had entered into a conditional
agreement to sell the entire issued share capital of Johnston
Publishing East Anglia Limited to Iliffe Media Limited for cash
consideration of GBP17.0 million (the "Disposal"). The Disposal is
conditional on shareholder approval. If the Disposal is completed,
the Amended Facility will be cancelled.
Market abuse regulation
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Johnston Press
Ashley Highfield, Chief
Executive 020 7612 2601
David King, Chief Finance
Officer 020 7612 2602
Bell Pottinger
Dan de Belder 020 3772 2561
Henry Lerwill 020 3772 2570
This information is provided by RNS
The company news service from the London Stock Exchange
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