Lee Enterprises Continues Aggressive Debt Reduction with Bond Repurchase
February 24 2016 - 5:00PM
Business Wire
Lee Enterprises, Incorporated (NYSE: LEE), a major provider of
local news, information and advertising in 50 markets, today
announced that the company has repurchased an additional $10
million of its 9.5% Notes at an attractive discount with the
remaining proceeds from a previously announced insurance
settlement.
“Repurchasing the notes allows us to continue our aggressive
deleveraging and reduce one of our higher costs of capital,” Chief
Financial Officer and Treasurer Ron Mayo said. “To the extent our
9.5% Notes are available at an attractive discount, we will
consider additional buy backs.”
Mayo said that he expects the company to continue to produce
strong cash flow that can be used to further reduce debt.
ABOUT LEE
Lee Enterprises is a premier provider of local news, information
and 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 markets include
St. Louis, MO; Madison, WI; Billings, MT; Davenport, IA, 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 lee.net.
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version on businesswire.com: http://www.businesswire.com/news/home/20160224006444/en/
Lee Enterprises, IncorporatedCharles Arms, 563-383-2100Director
of CommunicationsIR@lee.net
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