McClatchy talks $310 million eight-year secured notes with 9% coupon at discount to yield 9½%

By Paul A. Harris

Portland, Ore., June 29 – McClatchy Co. talked its $310 million offering of eight-year senior secured notes (expected B1/confirmed B-) with a 9% coupon at a discount to yield 9½%, according to a market source.

Price talk comes on top of initial guidance.

Books were scheduled to close at 10 a.m. ET on Friday, with the deal set to price and allocate thereafter, the source 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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