McClatchy to start roadshow Thursday for $875 million seven-year notes

By Paul A. Harris

St. Louis, Jan. 27 - The McClatchy Co. will begin a roadshow on Thursday for its $875 million offering of seven-year senior secured first-lien notes, according to an informed source.

The roadshow wraps up on Feb. 4, with the bonds expected to price the same day.

J.P. Morgan Securities Inc., Bank of America Merrill Lynch and Credit Suisse are joint bookrunners for the Rule 144A and Regulation S with registration rights offering. Lazard is the co-manager.

The notes become callable in three years at par plus 75% of the coupon.

Ratings in the low-to-mid single B range are expected.

Proceeds will be used to refinance bank debt and fund the tender for the Sacramento, Calif.-based newspaper company's 7 1/8% senior notes due 2011 and its 15¾% senior notes due 2014.

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