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Morris Publishing Group redeems $3.45 million floaters due 2014
By Angela McDaniels
Tacoma, Wash., Sept. 20 - Morris Publishing Group, LLC redeemed $3,445,267 principal amount of its floating-rate secured notes due 2014 on Sept. 16, according to an 8-K filing with the Securities and Exchange Commission.
Following the redemption, $74,103,000 principal amount of the notes remains outstanding.
Under the indenture for the notes, Morris must use its monthly excess cash flow to repay any amounts outstanding on its working capital facility and then to redeem some of the notes unless the excess cash flow for the month is less than $250,000.
The company did not redeem any of the notes in August. On July 19, it redeemed $563,000 of the notes.
The company issued $100 million of the notes on March 1, 2010 and has since redeemed $25,897,000 principal amount.
As previously reported, the notes were issued in connection with the company's pre-packaged Chapter 11 joint plan of reorganization. The company emerged from bankruptcy on March 1, 2010.
Morris is an Augusta, Ga.-based newspaper publisher.
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