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McClatchy tenders for $250 million of 9 7/8% debentures, 7 1/8%, 4 5/8% notes
By Laura Lutz
Des Moines, April 23 - McClatchy Co. announced the start of a tender offer for up to $250 million of its outstanding notes and debentures.
The company is offering to buy up to $150 million of its $200 million of outstanding 9 7/8% debentures due April 15, 2009; up to $100 million of its $300 million of outstanding 7 1/8% notes due June 1, 2011; and up to $50 million of its $200 million of outstanding 4 5/8% notes due Nov. 1, 2014.
In total, the company will not accept tenders for more than $250 million of securities.
The offer is set to expire at 5 p.m. ET on May 21, and there is an early tender deadline at 5 p.m. ET on May 6.
McClatchy said the payouts for each $1,000 principal amount of securities that are tendered by the early deadline will be $1,010 for the 9 7/8% debentures, $900 for the 7 1/8% notes and $700 for the 4 5/8% notes, assuming the tenders are accepted.
For securities tendered after the early deadline, those amounts will be reduced by $25.00 per $1,000 principal amount.
Holders will also receive accrued interest to but excluding the settlement date.
Tenders may be withdrawn up to, but not after, the early deadline.
If the company receives tenders for more than $250 million of the securities, the company will accept up to the maximum amount of 9 7/8% notes before accepting any 7 1/8% notes, and up to the maximum amount of 7 1/8% notes before any 4 5/8% notes.
Tendered securities within each series will be accepted on a pro-rated basis.
J.P. Morgan Securities Inc. is the dealer manager (contact liability management group at 866 834-4666 or collect 212 834-4077). Global Bondholder Services Corp. is the information agent (866 477-3900 or collect 212 430-3774).
McClatchy is a newspaper company based in Sacramento.
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