Monday, July 29, 2013 2:34:34 PM
By David Holley - Jul 29, 2013
Lee Enterprises Inc. (LEE), the owner of local newspapers in the U.S. Midwest and West Coast, is seeking to repay secured obligations to reduce its debt load.
The owner of the St. Louis Post-Dispatch may target a $621 million term loan that matures in December 2015, paying interest at 6.25 percentage points more than the London interbank offered rate, according to Carl Schmidt, chief financial officer of the Davenport, Iowa-based company.
Lee, which completed a bankruptcy reorganization in January 2012, is planning to reduce the ratio of its total debt to earnings before interest, taxes, depreciation and amortization to less than 2 times, Schmidt said in a July 25 telephone interview. The company’s leverage was 5.4 times as of March 31, according to data compiled by Bloomberg.
“We’re continuing to monitor the credit markets and talk with bankers to see what our options are,” Schmidt said. The company will seek to refinance the term loan by 2015 at the latest, he said.
The first-lien obligation, which was arranged by Deutsche Bank AG and Goldman Sachs Group Inc., was quoted at 99.1 cents on the dollar today, Bloomberg prices show.
Lee had $876.1 million of total debt as of March 31, down from $1.4 billion in the third quarter of 2008, Bloomberg data show. Net income dropped $16.7 million in 2012, narrower than the $146.9 million loss in the prior year.
“We’ve been very focused on paying down debt and have been aggressively doing that,” Schmidt said. “We would expect to continue to do that.”
To contact the reporter on this story: David Holley in New York at dholley8@bloomberg.net
To contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net
Recent LEE News
- Form SC 13D/A - General Statement of Acquisition of Beneficial Ownership: [Amend] • Edgar (US Regulatory) • 08/27/2024 08:20:52 PM
- Form SC 13D/A - General Statement of Acquisition of Beneficial Ownership: [Amend] • Edgar (US Regulatory) • 08/16/2024 08:03:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/09/2024 07:25:13 PM
- Lee Enterprises to Present at Sidoti Virtual Investor Conference • GlobeNewswire Inc. • 08/07/2024 03:00:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/02/2024 04:28:45 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2024 11:02:45 AM
- Lee Enterprises nears digital sustainability with revenue inflection point • GlobeNewswire Inc. • 08/01/2024 11:00:00 AM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 07/29/2024 08:24:53 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 07/25/2024 04:02:24 PM
- Lee Enterprises plans quarterly call and webcast August 1, 2024 • GlobeNewswire Inc. • 07/18/2024 03:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/18/2024 11:03:36 AM
- Digital media pioneers join Lee Enterprises board • GlobeNewswire Inc. • 07/18/2024 11:00:00 AM
- Form SC 13D/A - General Statement of Acquisition of Beneficial Ownership: [Amend] • Edgar (US Regulatory) • 07/16/2024 08:39:42 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 05:10:18 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 05:08:42 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 05:06:29 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 05:05:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 05:03:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 05:01:26 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 05/10/2024 06:23:40 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 05:00:09 PM
- Lee Enterprises to Present at Sidoti Virtual Investor Conference • GlobeNewswire Inc. • 05/06/2024 03:00:00 PM
- Lee Enterprises reports second quarter Adjusted EBITDA growth and strong digital growth • GlobeNewswire Inc. • 05/02/2024 11:00:00 AM
- Lee Enterprises adds Chief Transformation and Commercial Officer • GlobeNewswire Inc. • 05/01/2024 11:00:00 AM
- Lee Enterprises plans quarterly call and webcast May 2, 2024 • GlobeNewswire Inc. • 04/22/2024 03:00:00 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM