ITV issues bonds to raise $218 mil
Cash to help fuel recovery amid falling stockLONDON -- U.K. commercial broadcaster ITV has issued bonds to raise 110 million pounds ($218 million) in cash to help fuel its recovery amid plunging stock prices.
The move follows hot on the heels of a stock price low of 38.8 pence (56 cents) posted Thursday and a yearlong slide that has seen shares in the company drop more than 60% in value.
The Eurosterling bond issue will have a maturity date of March 20, 2013, ITV said.
Since the creation of ITV PLC on the London stock exchange in 2004, the broadcaster has issued three bonds in accordance with its note program.
"We also have available a further 200 million pounds ($397 million) of five-year committed bilateral financing, none of which includes financial covenants or credit rating triggers," ITV COO and finance director John Cresswell said.