Mecom amends Eu1bn deal, decreases to Eu600m
Mecom, the debt-laden European regional newspapers group, has reached an agreement with its lenders to amend its Eu1bn syndicated loan. Subject to an equity raising of at least £130.6m (Eu147m) being completed by July 14, the borrower’s covenants will be loosened and its facility decreased to Eu600m.
The move follows Mecom’s announcement in December that falling advertising revenues had forced it to defer its covenant tests and try to reduce its debt.
Mecom announced the agreement at the end of last week, when it released its full-year results. The group’s banks have agreed in principle to
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