Publisher Lee Enterprises amends refinancing plan

AP News
Posted: Apr 25, 2011 11:59 AM
Publisher Lee Enterprises amends refinancing plan

Lee Enterprises, the publisher of the St. Louis Post-Dispatch and more than 40 other daily newspapers, says it will issue stock as part of a plan to refinance about $1 billion in debt that's due next year.

Lee Enterprises Inc. said Monday that it would offer 8.9 million shares to buyers of the previously announced offering of $375 million of second lien senior secured notes. The notes will be due in 2018.

The stock replaces Lee's previous offer of an unspecified number of stock warrants, which would have given investors the right to buy stock at a pre-determined price even if the market price increased later.

The other component of the refinancing is the sale of $680 million of first lien senior secured notes due in 2017. That's $5 million more than when the refinancing plan was announced on April 11.