Independent increases size of preference share issue

Independent Newspapers is increasing the size of the preference share issue announced last month. Its subsidiary, Independent Newspapers Finance, has announced that the issue would now be increased from 75 million cumulative redeemable preference shares at a par value of £1 to 85 million. The shares will carry a fixed dividend of 6 3/8 per cent. They will be listed on the Luxembourg Stock Exchange.

The issue has been underwritten by ABN Amro Bank. Independent said the proceeds would be used to refinance existing debt.