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MediaNews to use new-deal proceeds to redeem 8 5/8% notes
New York, Jan. 14 - MediaNews Group Inc. (B2/B+) announced plans to sell new debt and to use the proceeds to repurchase or redeem its outstanding 8 5/8% senior subordinated notes due 2011.
MediaNews Group, a Denver-based newspaper ownership group and corporate successor to Garden State Newspapers Inc., said that it plans to sell $150 million of new senior subordinated notes.
It said that the 8 5/8% notes to be redeemed are callable beginning on July 1. The company issued $200 million of the notes in March 1999. It did not say how much remains outstanding.
MediaNews said that pending a repurchase or redemption of the existing notes, the net proceeds of the bond sale will be used to repay revolving credit borrowings, to invest in investment securities and/or for other working capital purposes.
Previously, the company tendered for all of its outstanding its 8¾% senior subordinated notes due 2009 in a tender offer and related consent solicitation, with $237.57 million of the notes or about 79.2% of the outstanding $300 million principal amount having been tendered by the time the offer expired as scheduled at midnight ET on Dec. 3.
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