Morris Publishing to repay bank debt with asset sale proceeds

By Sara Rosenberg

New York, Oct. 23 - Morris Publishing Group plans to repay debt under its credit facility using proceeds from the sale of some assets to GateHouse Media, Inc., according to a news release.

GateHouse is buying 14 daily newspapers, three non-daily newspapers, a commercial printing operation and other related publications for a purchase price of $115 million, subject to a working capital adjustment.

The transaction is expected to close before the end of November and is subject to regulatory and Morris Publishing's lender approval and customary closing conditions.

Morris Publishing is an Augusta, Ga.-based media company.

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