Morris Publishing redeems $1.2 million more floaters with excess cash

By Susanna Moon

Chicago, Oct. 18 - Morris Publishing Group, LLC redeemed $1,195,025 principal amount of its floating-rate secured notes due 2014 on Oct. 18 using its excess cash flow in September, according to an 8-K filing with the Securities and Exchange Commission.

Under the note terms, the company must use its monthly positive operating cash flow, if it is at least $250,000, to repay its working capital facility and then to redeem its notes.

Morris redeemed $3,445,267 principal of the floaters on Sept. 16, none of the notes in August and $563,000 of the notes on July 19.

The company issued $100 million of the notes on March 1, 2010 and has since redeemed $27,092,025 principal amount.

As previously reported, the notes were issued in connection with the company's pre-packaged Chapter 11 joint plan of reorganization. The company emerged from bankruptcy on March 1, 2010.

Morris is an Augusta, Ga.-based newspaper publisher.

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