Lee Enterprises plans to sell common stock through a private placement

Newspaper publisher also to sell $1.06 billion of senior secured notes

By Devika Patel

Knoxville, Tenn., April 25 - Lee Enterprises Inc. said it will sell 8,928,175 common shares to institutional investors in a placement. The offering will price alongside the company's planned sales of $680 million of first-lien senior secured notes due in 2017 and $375 million of second-lien senior secured notes due in 2018.

Proceeds from the offerings will be used to refinance substantially all of the company's existing debt, which is due in April 2012. As of March 27, Lee's credit agreement had $878.8 million of remaining principal and the remaining balance on its Pulitzer notes was $147 million.

Lee Enterprises is a Davenport, Iowa-based publisher of newspapers and specialty publications.

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