Morris Publishing Group redeems $563,028 more floaters due 2014

By Toni Weeks

San Diego, July 19 - Morris Publishing Group, LLC redeemed another $563,028 principal amount of its floating-rate secured notes due 2014 on July 19, according to an 8-K filing with the Securities and Exchange Commission.

After the redemption, $77,548,000 principal amount of the notes remains outstanding.

The company last redeemed a portion of the notes in June, redeeming $322,286 of the floaters on June 15. Morris was not required to redeem any notes in May.

As part of the indenture for the notes, Morris must use its monthly excess cash flow to repay any amounts outstanding on its working capital facility and then to redeem some of the notes unless the excess cash flow for the month is less than $250,000.

The company has repurchased about $22.45 million of the notes since April 1, 2010.

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 2, 2010.

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

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