APN abandons US$250 mln 'junk bond' sale as investors baulk at terms

Wed, 10 Sep 2014

By Paul McBeth Sept. 11 (BusinessDesk) - APN News & Media, the Australasian media group looking at spinning out its New Zealand unit, has dumped plans to raise US$250 million in a note offering from US investors and is looking at others ways to improve its financial flexibility. The Sydney-based company won't go ahead with a senior unsecured note offer to sophisticated US investors despite attracting significant interest, it said in a statement. APN planned to use to repay debt, diversify funding lines, and extending debt maturities. APN...

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