McClatchy lifts purchase price for 15¾% notes tendered by consent date

By Susanna Moon

Chicago, Feb. 3 - McClatchy Co. said it amended its offer to purchase for cash its outstanding $24,225,000 of 15¾% senior notes due 2014.

The company will now pay $1,338.75 for any 15¾% notes tendered by 5 p.m. ET on Feb. 9, the consent deadline. The total amount was originally $1,165 for the 15¾% notes. It still includes a $50.00 early tender payment.

The company said on Jan. 27 that it began a tender offer for its 15¾% notes and its $166,195,000 of 7 1/8% notes due June 1, 2011.

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

The total amount for the 7 1/8% notes is $1,020, including a $50.00 early tender payment for those who tender by the consent date.

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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