Lee Enterprises talks $400 million notes at 9½% to 9¾%, pricing Friday

By Paul A. Harris

Portland, Ore., March 21 - Lee Enterprises Inc. talked its $400 million offering of eight-year first-lien senior secured notes (B2/B-) to yield 9½% to 9¾%, and the deal is set to price on Friday, a market source said.

Earlier guidance was in the high 9% to low 10% yield context, according to an investor who is looking at the deal.

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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