APN, the Australian media group in which Independent News & Media has a 41 per cent shareholding, has announced that it expects to complete its refinancing programme before the end of this month.
The company said yesterday that it was drawing up final documentation with a new seven-member bank group.
It said the new arrangements, when combined with the $100 million Australian dollars (€60.5 million) raised in an equity issue over the summer, would reduce the company's annual interest payments by Aus$10 million.
The update came as APN appointed two new directors to its board.
Mr John Maasland is chairman of Carter Holt Harvey, New Zealand's largest forestry firm, and the biggest company on the New Zealand Stock Exchange.
Mr Peter Cosgrove is the founder of the Buspak group of companies in Australia, New Zealand and Hong Kong. He is also a director of Independent News & Media.
APN reiterated a previous forecast that it would make an after-tax profit of Aus$100 million this year.
