Business News
McClatchy Announces Amendment to Private Exchange Offer
Friday 19. June 2009 - The McClatchy Company (NYSE: MNI and the "Company") announced today that it is amending the terms of its previously announced private exchange offer (the "Exchange Offer") for its 7.125% Notes due 2011 (the "2011 Notes"), its 4.625% Notes due 2014 (the "2014 Notes"), its 5.750% Notes due 2017 (the "2017 Notes"), its 7.150% Debentures due 2027 (the "2027 Debentures") and its 6.875% Debentures due 2029 (the "2029 Debentures" and collectively, with the 2011 Notes, 2014 Notes, 2017 Notes and 2027 Debentures, the "Old Notes").
As of June 18, 2009, according to Global Bondholder Services Corporation, the depositary for the Exchange Offer, the Company received valid tenders from holders of approximately $3.3 million aggregate principal amount of 2011 Notes, approximately $11.1 million aggregate principal amount of 2014 Notes, approximately $53.4 million aggregate principal amount of 2017 Notes, approximately $10.8 million aggregate principal amount of 2027 Debentures and approximately $23.8 million aggregate principal amount of 2029 Debentures.
The Company today announced that it has amended the Exchange Offer’s minimum note amount condition (the “Minimum Note Amount Condition”) to permit the Company to assert or waive the Minimum Note Amount Condition in full or in part in the Company’s sole discretion. The Minimum Note Amount Condition requires that the Company issue at least an aggregate principal amount of $50 million of its 15.75% Senior Notes due 2014 in exchange for the Old Notes pursuant to the Exchange Offer.
The Company also announced that the expiration date in respect of the Exchange Offer has been extended until 5:00 p.m., New York City time, on June 25, 2009 (such time and date, as the same may be extended, the “Expiration Date”). Old Notes tendered prior to the Expiration Date (including any Old Notes tendered prior to the Early Tender Date of June 8, 2009, as set forth in the Offering Memorandum) may be withdrawn prior to 5:00 p.m., New York City time, on June 25, 2009 unless extended (such time and date, as the same may be extended, the “Withdrawal Deadline”). Holders may not withdraw their tendered Old Notes on or after the Withdrawal Deadline.
This press release is neither an offer to purchase nor a solicitation of an offer to sell the Old Notes or any other securities. The Exchange Offer is made only by the Offering Memorandum (as supplemented by that Supplemental Offering Memorandum, dated June 18, 2009) and the accompanying Letter of Transmittal.