PMP to restructure debt with $40m bond offering LISTED printing company PMP is to raise $40 million through a corporate bond offering and will use the money to repay existing bank debt, the company announced to the Australian Securities Exchange today. "PMP is embarking on this bond offering to access longer term debt funding through the corporate bond market and to diversify PMP's funding sources," PMP chief executive Peter George said. The offering was supported by the company's banks, he said. When it was completed the bank facilities would be reduced and extended for a further 12 months from September next year to September 2015. The offering would only be open to "professional and sophisticated investors," with no prospectus or other disclosure documents to be lodged. In August PMP reported a $69.7m bottom-line loss for the 2013 financial year after taking a $56m writedown on its beleagured print business. After taking over at the company a year ago Mr George introduced a debt reduction program which has also included job cuts and the sale of print plants. The four-year senior unsecured bond issue will be arranged by bond broker FIIG Securities and distributed to its clients with a minimum investment of $50,000. FIIG has also recently managed bond issues for Cash Converters ($60m), G8 Education ($70m), Mackay Sugar ($50m) and Silver Chef ($30m). Shares in PMP were unchanged after the announcement at 36c.