Johnston Press to price £220 million five-year notes in May 12 week

By Paul A. Harris

Portland, Ore., May 9 - Johnston Press plc plans to price a £220 million offering of five-year senior secured notes (B3) during the May 12 week, according to a market source.

Initial guidance has the notes pricing at a discount to yield 8¾% to 9%, the source added.

JPMorgan, Credit Suisse and Lloyds are managing the sale.

The notes come with three years of call protection.

Proceeds will be used to refinance debt and service pension obligations.

The issuing entity is Johnston Press Bond plc, a financing unit of the London-based multimedia company.

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