McClatchy launches tender for any and all 7 1/8% notes, 15¾% notes

By Jennifer Chiou

New York, Jan. 27 - McClatchy Co. announced the start of a tender offer for any and all of its $166,195,000 of 7 1/8% notes due June 1, 2011 and its $24,225,000 of 15¾% notes due 2014.

The company is also soliciting consents to amend the 15¾% note indenture to eliminate substantially all of the restrictive covenants and certain events of default.

For each $1,000 principal amount, McClatchy said it will pay a total consideration of $1,020 for the 7 1/8% notes and $1,165 for the 15¾% notes, each including a $50.00 early tender payment for those who tender prior to 5 p.m. ET on Feb. 9.

Holders will also receive accrued interest.

The offer is set to end at 11:59 p.m. ET on Feb. 24.

There is no minimum tender condition. There is, however, a financing condition.

Credit Suisse Securities (USA) LLC is the lead dealer manager and solicitation agent (800 820-1653 or call collect 212 325-5912) and Lazard Freres & Co. LLC is the co-dealer manager and solicitation agent.

Global Bondholder Services Corp. (866 470-3900 or call collect 212 430-3774) is the information agent.

McClatchy is a newspaper company based in Sacramento.

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