Ten looks to refinance debt

Broadcaster hopes plan will allow it to invest, boost weak ratings.

Ten Network Holdings (TEN) is going to seek approval for a refinancing proposal that it hopes will give it room to invest in new content and boost lagging ratings, according to The Australian Financial Review.

The network reportedly hopes to refinance $150 million worth of debt related to a private placement to give it more breathing room.

The plan is expected to be announced alongside its full-year results, which will show a loss.

The plan will likely require shareholder approval, but it has already gained momentum with the backing of Ten's largest shareholders, WIN Corporation owner Bruce Gordon, Crown chairman James Packer, Ten chairman Lachlan Murdoch and mining billionaire Gina Rinehart, the AFR reported.

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