New Issue: Morris Publishing upsizes 10-year notes to $250 million, yield 7%

By Paul A. Harris

St. Louis, July 29 - Morris Publishing Group LLC priced an upsized $250 million of senior subordinated notes due Aug. 1, 2013 (Ba3/B+) Tuesday at par to yield 7%, according to a market source.

The deal was increased from $200 million. Price talk was 6½%-6¾%.

JP Morgan was bookrunner on the Rule 144A deal. The co-managers were Wachovia Securities, Inc., BNY, Fleet Securities, SunTrust Robinson Humphrey, McDonald Investments and Stephens Inc.

Proceeds will be used to repay bank debt.

The issuer is an Augusta, Ga.-based newspaper publisher.

Issuer:	Morris Publishing Group LLC
Amount:	$250 million (increased from $200 million)
Maturity:	Aug. 1, 2013
Security description:	Senior subordinated notes
Bookrunner:	JP Morgan
Co-managers:	Wachovia Securities, BNY, Fleet Securities, SunTrust Robinson Humphrey, McDonald, Stephens
Coupon:	7%
Price:	Par
Yield:	7%
Call features:	Callable on Aug. 1, 2008 at 103.5, then 102.333, 101.167, declining to par on Aug. 1, 2011 and thereafter
Equity clawback:	Until Aug. 1, 2006 for 35% at 107.0
Settlement date:	Aug. 7, 2003
Ratings:	Moody's: Ba3
	Standard & Poor's: B+
Price talk:	6½%-6¾%

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.