By: E&P Staff
The McClatchy Co. on Wednesday sweetened its offer to buy back bonds coming due in 2014 by adding nearly $200 to the price it will pay for every $1,000 in the notes.
Miami Herald parent McClatchy said it will give $1,288.75 for every $1,000 of the old notes. When McClatchy first announced the tender offer on Jan. 27, it was offering $1,115.
The premium applies to about $24 million in notes. McClatchy said it is not changing terms of its offer to buy back $166 million in notes that come due in 2011. The deadline to accept the offer is 5 p.m. Eastern on Feb. 9.
The offer is part of an approved issuing of $875 million of senior secured to pay back $614 million in bank debt and bonds maturing this refinancing debt to refinance a portion of its bank debt and some of its existing public bonds that mature in 2011 and 2014.
McClatchy now has about $1.95 billion in debt.