Business News
McClatchy Announces Expiration and Results of Private Exchange Offer
Monday 29. June 2009 - The McClatchy Company (NYSE: MNI) ("McClatchy" and the "Company") announced today the expiration and results of its private exchange offer (the "Exchange Offer") for its 7.125% Notes due 2011 (the "2011 Notes") (CUSIP No. 499040AM5), its 4.625% Notes due 2014 (the "2014 Notes") (CUSIP No. 499040AN3), its 5.750% Notes due 2017 (the "2017 Notes") (CUSIP No. 499040AP8), its 7.150% Debentures due 2027 (the "2027 Debentures") (CUSIP No. 499040AH6) and its 6.875% Debentures due 2029 (CUSIP No. 499040AL7)(the "2029 Debentures" and collectively, with the 2011 Notes, 2014 Notes, 2017 Notes and 2027 Debentures, the "Old Notes").
The McClatchy Company (NYSE: MNI) (“McClatchy” and the “Company”) announced today the expiration and results of its private exchange offer (the “Exchange Offer”) for its 7.125% Notes due 2011 (the “2011 Notes”) (CUSIP No. 499040AM5), its 4.625% Notes due 2014 (the “2014 Notes”) (CUSIP No. 499040AN3), its 5.750% Notes due 2017 (the “2017 Notes”) (CUSIP No. 499040AP8), its 7.150% Debentures due 2027 (the “2027 Debentures”) (CUSIP No. 499040AH6) and its 6.875% Debentures due 2029 (CUSIP No. 499040AL7)(the “2029 Debentures” and collectively, with the 2011 Notes, 2014 Notes, 2017 Notes and 2027 Debentures, the “Old Notes”). The expiration for the Exchange Offer occurred at 5:00 p.m., New York City time, on June 25, 2009 (the “Expiration Date”). The settlement date of the Exchange Offer is expected to be today.
As of the Expiration Date, according to Global Bondholder Services Corporation, the depositary for the Exchange Offer, the Company received valid tenders from holders of approximately $3.8 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 also today announced that it has waived the Exchange Offer’s minimum note amount condition. This minimum note amount condition required that the Company issue at least an aggregate principal amount of $50 million of its 15.75% Senior Notes due 2014 (the “New Notes”) in exchange for the Old Notes pursuant to the Exchange Offer. As a result, the Company will accept (without proration) for payment all Old Notes that were validly tendered in the Exchange Offer. The Old Notes validly tendered and accepted will be exchanged into approximately $3.4 million in cash, in the case of the 2011 and 2014 Notes, and approximately $24.2 million in aggregate principal amount of the Company’s New Notes.
This press release is neither an offer to purchase nor a solicitation of an offer to sell the Old Notes or any other securities.