McClatchy offers to buy back up to $406 million of 9% notes at par

By Angela McDaniels

Tacoma, Wash., Oct. 14 – McClatchy Co. is offering to repurchase up to $406 million of its outstanding 9% notes due 2022 at par.

According to a company news release, the notes were recently trading at premium prices ranging from $111.00 to $112.50.

As of June 30, the outstanding amount of notes was $900 million.

The offer is not subject to the receipt of any minimum amount of notes tendered.

The note indenture requires McClatchy to offer to buy back the notes with the after-tax proceeds of the sale of its interest in Cars.com. The company said any proceeds not used in the tender offer may be used for initiatives and/or investments to continue its digital transformation, to selectively repurchase outstanding notes or for other corporate purposes.

The tender and paying agent is Bank of New York Mellon Trust Co., NA (800 254-2826).

McClatchy is a news and information provider based in Sacramento, Calif.

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