Independent News and Media (INM) has agreed banking facilities following the approval by its bond holders of a debt-for-equity swop. The new facilities, in respect of €745 million with a final maturity up to May 2014, will replace the company’s existing facilities.

The new facilities, which place restrictions on the company’s ability to pay dividends and other corporate activities, are subject to shareholder approval and the successful completion of a planned rights issue.

Shares in the group closed up 15 per cent at 19 cent last night.