JOHNSTON Press has announced the completion of its capital refinancing plan announced on May 9, following a successful bond issue.

It said gross proceeds of £220.5 million from the offering of £225m of 8.625 per cent senior secured notes, due 2019, at an issue price of 98 per cent, had now been released to the group.

That is added to £140m received from the placing and rights issue. Johnston has raised £138m from shareholders in a 6.52 for one issue of new shares, and £2m in a placing with new advertising partner Sky.

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It said all existing loans had been pre-paid and cancelled, private placement notes had been redeemed in full, and its new revolving credit facility was now available.

The shares rose 0.1p to 3.70p,valuing Johnston at £190m.