Lee Enterprises Closes Sale of Napa Real Estate
September 02 2015 - 6:00PM
Business Wire
Lee Enterprises, a leading provider of news, information and
advertising in 50 markets, today announced the sale of its land and
building located at 811 & 830 Seminary Street and 807 Wilson
Street in Napa, California — the current headquarters of the Napa
Valley Register.
Chief Financial Officer and Treasurer Ron Mayo said the net
proceeds from the sale, which is expected to be about $5.0 million,
will be used to reduce outstanding debt under the 2nd Lien Term
Loan, at par. Sales of Pulitzer assets provide the company with the
opportunity to prepay the 2nd Lien Term Loan at par and reduce its
highest rate debt without incurring call premiums.
Mayo said the Napa real estate sale is part of the company’s
ongoing real estate monetization program. Real estate valued at
more than $10 million is currently listed for sale or is under
contract including properties in Provo, Utah; Bloomington,
Illinois; Portage, Wisconsin; and St. Louis, Missouri.
“As we continue to transform our business through consolidation,
outsourcing and other means, we have excess real estate assets in
certain markets,” he said. “Monetizing those assets provides us
with the capital to reduce debt and invest in our digital
transformation as we move forward.”
ABOUT LEE
Lee Enterprises is a leading provider of local news and
information, and a major platform for advertising, in its markets,
with 46 daily newspapers and a joint interest in four others,
rapidly growing digital products and nearly 300 specialty
publications in 22 states. Lee's newspapers have circulation of 1.0
million daily and 1.5 million Sunday, reaching more than three
million readers in print alone. Lee's markets include St. Louis,
MO; Lincoln, NE; Madison, WI; Davenport, IA; Billings, MT;
Bloomington, IL; and Tucson, AZ. Lee Common Stock is traded on the
New York Stock Exchange under the symbol LEE. For more information
about Lee, please visit www.lee.net.
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version on businesswire.com: http://www.businesswire.com/news/home/20150902006332/en/
Lee EnterprisesCharles Arms, 563-383-2100Director of
CommunicationsIR@lee.netlee.net
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