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Ashley Highfield Johnston Press

Defends bond buybacks

12 Aug, 2016

Highfield defends plans to buy back Johnston Press bonds at a healthy discount. Prices vary but last traded values on the Frankfurt exchange were just under 60p/£, meaning that it could net a considerable saving of the full capital value that is due for repayment in 2019. The bonds have a 8.625 per cent coupon and cost the company nearly £20m per year just to service interest.

We have always stated we would use disposals to both strengthen balance sheet and pay down debt.