Lee Enterprises $400 million secured notes seen at high 9% to low 10%

By Paul A. Harris

Portland, Ore., March 20 - Lee Enterprises Inc.'s $400 million offering of eight-year first-lien senior secured notes (B2/B-) is coming together in a high 9% to low 10% yield context, according to an investor who is looking at the deal.

Terms are expected before the end of the present week.

J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. are the joint bookrunners for the Rule 144A and Regulation S offering.

The notes come with four years of call protection.

The Davenport, Iowa-based newspaper publisher plans to use the proceeds, together with borrowings under $440 million of planned credit facilities and cash on hand, to repay its existing first- and second-lien credit facilities in full.

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