APN News & Media has completed an equity sale to raise $99 million.
The funds from 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 Brenda Hopkins said in a statement today.The institutional offer raised $83 million and the retail offer raised $16 million.
The retail offer was scaled back after APN received applications worth $48.2 million worth.AAP
