Independent News and Media has said that it continues to be in ''constructive discussions'' with its banking syndicate.

In an update on its refinancing discussions to the stock exchance, INM said that it is confident that while an agreed position will be reached, terms have not yet been finalised

The company said it will provide further information in relation to the outcome of discussions with its lenders as soon as possible.

INM issued the statement in response to weekend media reports about the company's ongoing talks with its bankers about refinancing its €420m in outstanding debt.

The company had previously stated that it needs to find a way to clear up to €100m of this to make the burden more manageable. The weekend reports had suggested that banks will swap some of their debt for a bigger stake in the company.

Last month INM said it would sell its South African based business for almost €170m to a local consortium, short of the €250m it had hoped to make from the sale.