Trinity Mirror soothes funding fears

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Date: Wednesday 16 Jul 2008

LONDON (ShareCast) - Trinity Mirror bucked the downward market trend today as the newspaper publisher said it is trading “comfortably“ within the covenants for its debt facilities.

The firm, which last month warned that full-year operating profits will be 10% lower than forecasts, had about £425m of net debt at the end of June.

Most of its borrowings are through a US dollar private placement and, with the exception of a $60m repayment in October, no further repayments on the placement are due until October 2011.

“There are no liquidity issues with any of our pension schemes and deficits continue to be funded in accordance with payment schedules agreed with the trustees of the various pension schemes,” it added.

It does not expect any increase in pension contributions during 2008 beyond those already agreed.

Meanwhile, trading continues to be in line with expectations.

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