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McClatchy Raises $910 Million in 1st Bond Sale Since 2010

McClatchy Co., the media company that owns the Miami Herald and Sacramento Bee, raised $910 million in its first bond sale in more than two years.

The company issued 9 percent, 10-year securities to yield 737 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. The newspaper publisher marketed $750 million on Nov. 29.

Proceeds will go to fund a tender offer for bonds issued in the company’s previous debt sale, according to a Standard & Poor’s report and Bloomberg data. McClatchy has tendered for as much as $700 million of its $846 million of 11.5 percent notes due February 2017, which it issued in August 2010, according to a Nov. 28 company statement.

Covenants in the deal allow for the first lien debt to be effectively subordinated by as much as $100 million of “super priority debt,” according to a report today from research firm Covenant Review LLC. Also, the collateral on the securities excludes the company’s property, plant and equipment assets, which totaled $733 million as of Sept. 23.

The new bonds are rated B1 by Moody’s Investors Service, the ratings company said in a Nov. 29 report. JPMorgan Chase & Co., Bank of America Corp. and Credit Suisse Group AG managed the sale for the Sacramento, California-based company.

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