Morris Publishing redeems portion of floaters due 2014 in quarter

By Jennifer Chiou

New York, Aug. 16 - Morris Publishing Group LLC reduced the total cash interest payments on its new floating-rate secured notes due 2014 after redeeming $5,987,000 of the notes during the second quarter, according to a 10-Q filing with the Securities and Exchange Commission.

As of June 30, the fair value of the notes was $89.1 million, the filing said.

The Augusta, Ga.-based newspaper publisher said that due to the partial redemptions of the notes, the maximum total cash interest payments, including the cash interest payments paid or accrued during the first six months of 2010, totaled $42.4 million. This was down $2.6 million from $45 million at the end of the first quarter.

As announced in March, the notes were issued in connection with the pre-packaged joint plan of reorganization under Chapter 11 of the Bankruptcy Code, which was confirmed by the U.S. Bankruptcy Court for the Southern District of Georgia, Augusta Division on Feb. 17.

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