McClatchy’s $310 million eight-year notes whispered at 9½% area, including discount

By Paul A. Harris

Portland, Ore., June 27 – McClatchy Co. plans to price a $310 million offering of eight-year senior secured notes (expected ratings B1/B-) before the end of the June 25 week, according to market sources.

Initial guidance has the deal coming at a to-be-determined discount to yield in the 9½% area, a trader said.

J.P. Morgan Securities Ltd. is leading the Rule 144A and Regulation S offering.

The notes come with four years of call protection.

The Sacramento, Calif.-based media company plans to use the proceeds, together with a new proposed asset-based revolver, a junior lien term loan and cash on hand, to redeem its 9% senior secured notes due 2022.

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