APN completes $125 million equity raising

SYDNEY - APN News & Media Ltd has completed an equity sale to raise A$99 million ($125.5 million).

The funds from the one-for-five entitlement offer, announced on May 19, will be used to reduce APN's debt and strengthen its balance sheet.

"We are very pleased with the result of the entitlement Offer and the strong support from both APN's existing retail and institutional shareholders," chief executive Brendan Hopkins said in a statement today.

The institutional offer raised A$83 million and the retail offer raised A$16 million.

The retail offer was scaled back after APN received applications worth A$48.2 million.

- AAP

* APN is the owner of a number of media assets in Australia and New Zealand, including The New Zealand Herald newspaper and nzherald.co.nz