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McClatchy completes tender offer for 7 1/8% notes, 15¾% notes
By Jennifer Chiou
New York, Feb. 25 - McClatchy Co. announced the wrap of its tender offer under which it accepted a total of $148,049,000 of its $166,195,000 of 7 1/8% notes due June 1, 2011 and $23.85 million of its $24,225,000 of 15¾% senior notes due 2014.
The offer ended at 11:59 p.m. ET on Feb. 24. It began on Jan. 27.
The company previously accepted tenders for $147,215,000 of its 7 1/8% notes and the $23.85 million of tenders for its 15¾% senior notes due 2014 that were received by 5 p.m. ET on Feb. 9, the consent date.
The additional $834,000 of 7 1/8% notes will be settled on Friday.
The company previously said that it received consents for a majority of the 15¾% notes and that it entered into a supplemental indenture to the notes that will eliminate substantially all of the restrictive covenants and events of default.
As a result of the execution of the supplemental indenture, the withdrawal date for the 15¾% notes was 5 p.m. ET on Feb. 4. The withdrawal date for the 7 1/8% notes was 5 p.m. ET on Feb. 9.
The payment date for notes tendered by the consent date was Feb. 11. Payment for the notes was made in cash.
On Feb. 3, McClatchy amended the purchase price for the 15¾% notes.
The company paid $1,338.75 for 15¾% notes tendered by the consent deadline. The total amount was originally $1,165 for the 15¾% notes. It still included a $50.00 early tender payment.
The total amount for the 7 1/8% notes is $1,020, including a $50.00 early tender payment for those who tendered by the consent date.
Holders also received accrued interest.
There was no minimum tender condition. There was, however, a financing condition.
Credit Suisse Securities (USA) LLC was the lead dealer manager and solicitation agent (800 820-1653 or call collect 212 325-5912), and Lazard Freres & Co. LLC was the co-dealer manager and solicitation agent. Global Bondholder Services Corp. (866 470-3900 or call collect 212 430-3774) was the information agent.
McClatchy is a newspaper company based in Sacramento.
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