By Paul A. Harris
Portland, Ore., June 29 – McClatchy Co. priced a $310 million issue of 9% eight-year senior secured notes (expected B1/confirmed B-) at 97.242 to yield 9½% on Friday, according to a market source.
The deal came on top of talk.
J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC were the leads.
The Sacramento, Calif.-based media company plans to use the proceeds, together with a new proposed asset-based revolver, a junior lien term loan and cash on hand, to redeem its 9% senior secured notes due 2022.
| Issuer: | McClatchy Co.
|
| Amount: | $310 million
|
| Maturity: | July 15, 2026
|
| Securities: | Senior secured notes
|
| Leads: | J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC
|
| Coupon: | 9%
|
| Price: | 97.242
|
| Yield: | 9½%
|
| Call protection: | Four years
|
| Trade date: | June 29
|
| Ratings: | Moody's: expected B1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 9% coupon at a discount to yield 9½%
|
| Marketing: | Roadshow
|
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