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McClatchy buys back $30.8 million of 5¾%, 9% notes at a discount
New York, Feb. 19 – McClatchy Co. said it bought back a combined $30.8 million of its 5¾% notes due 2017 and its 9% secured notes due 2022.
The company paid a total of $28.8 million plus accrued interest.
Included in the repurchase were $20.8 million of the 5¾% notes and $10 million of the 9% notes.
Following the buyback, the company has $906.5 million of debt outstanding.
“As this transaction demonstrates, we remain committed to reducing debt and interest and creating leveraged equity returns for our shareholders,” said Elaine Lintecum, McClatchy’s chief financial officer, in a news release.
“Our next debt maturity date is in 2017 and is approximately $35 million, and we have no other maturities due until the end of 2022. This manageable maturity runway provides us with the necessary flexibility to accomplish our operational goals and objectives.”
McClatchy is a Sacramento, Calif.-based newspaper publisher.
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