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Morris Publishing redeems $322,286 more floaters due 2014
By Toni Weeks
San Diego, June 15 - Morris Publishing Group, LLC redeemed another $322,286 principal amount of its floating-rate secured notes due 2014 on June 15, according to an 8-K filing with the Securities and Exchange Commission.
After the redemption, about $78,111,000 principal amount of the notes remains outstanding.
The company last redeemed a portion of the notes in April, redeeming $578,465 of the floaters on April 21. Morris was not required to redeem any notes in May.
As part of the indenture for the notes, Morris must use its monthly excess cash flow to repay any amounts outstanding on its working capital facility and then redeem some of the notes unless the excess cash flow for the month is less than $250,000.
The company has repurchased about $21.89 million of the notes since April 1, 2010.
As previously reported, the notes were issued in connection with the company's pre-packaged Chapter 11 joint plan of reorganization. The company emerged from bankruptcy on March 2, 2010.
Morris is an Augusta, Ga.-based newspaper publisher.
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