GateHouse Media subsidiary investor puts its 10% cumulative preferreds

By Susanna Moon

Chicago, Dec. 13 - GateHouse Media Macomb Holdings, Inc. investor FIF III Liberty Holdings LLC exercised the put option on its non-voting 10% cumulative preferred stock, according to an 8-K filed with the Securities and Exchange Commission.

Gatehouse paid the purchase price of $14,143,866.49 on Dec. 8, which amounted to par plus accrued dividends.

FIF III could require the company to purchase the preferreds during the five years after the company repaid its 2008 bridge facility with Barclays Capital, the filing noted.

The repayment of the bridge facility occurred in the second quarter.

FIF III is an affiliate of Fortress Investment Group, LLC, the owner of about 39.6% of the company's outstanding common stock.

The issuer is an operating subsidiary of GateHouse Media, Inc., a Fairport, N.Y.-based publisher of print and online media.

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