Lee Enterprises to pay down first-lien facility with insurance payout

By Marisa Wong

Morgantown, W.Va., Jan. 19 – Lee Enterprises, Inc. will reduce outstanding debt under its first-lien credit agreement using proceeds from a payment from its insurer, according to an 8-K filing with the Securities and Exchange Commission.

Proceeds, to the extent permissible and available at a discount, will also be used to repurchase outstanding senior notes.

Lee received a payment of $30,645,628 from Travelers Insurance Co. for the company’s share of a subrogation recovery arising from the settlement of claims for damages suffered as a result of a 2009 loss at one of its Lee Legacy production facilities.

Lee is a Davenport, Iowa-based newspaper publisher.

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