Ashurst is advising Johnston Press PLC ("Johnston Press") on its £360 million capital refinancing plan, which comprises five elements:

 *  the raising of gross proceeds of approximately £2.3 million through a placing;
 *  the raising of gross proceeds of approximately £137.7 million through a 6.52 for 1 rights issue;
 *  the raising of gross proceeds of approximately £220.0 million through the issue of high yield bonds;
 *  entry into a £25 million revolving credit facility; and
 *  revisions to the Johnston Press pension plan arrangements.

The placing and the rights issue are subject to the approval of shareholders at a general meeting of Johnston Press to be held on 27 May 2014.

Rothschild is acting as financial adviser to Johnston Press on its capital refinancing plan. Panmure Gordon is acting as sponsor and broker, and, together with JP Morgan, joint bookrunner and joint underwriter on the placing and rights issue. JP Morgan is also acting as bookrunner in relation to the high yield bonds.

The Ashurst team was led by corporate partners Adrian Clark and Karen Davies, assisted by senior associates Karin Kirschner and James Fletcher, associates Mark Sweny, Chris Phillips, Claire Broom, Harry Thimont, Sonica Tolani and Sarah Leiper. Partner Ray Fisher led the US team, assisted by associates Jessie Heners and Rodrigo Romero Hidalgo. Partner Simon Thrower, Counsel Navdeep Benning, and associate Louise Ruggiero advised on finance matters. Partner Marcus Fink and associate Andy Wright advised on pensions matters. Partner Paul Randall, Counsel Stephen Diosi and associate Louise Thawley advised on employment and incentives matters. Partner Nicholas Gardner and associate Sarah Mardell assisted on tax-related matters. Counsel Caroline Chambers also assisted on the deal.