0001144204-15-035908.txt : 20150608 0001144204-15-035908.hdr.sgml : 20150608 20150608091252 ACCESSION NUMBER: 0001144204-15-035908 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150608 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150608 DATE AS OF CHANGE: 20150608 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MCCLATCHY CO CENTRAL INDEX KEY: 0001056087 STANDARD INDUSTRIAL CLASSIFICATION: NEWSPAPERS: PUBLISHING OR PUBLISHING & PRINTING [2711] IRS NUMBER: 522080478 STATE OF INCORPORATION: DE FISCAL YEAR END: 1225 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-46501 FILM NUMBER: 15917485 BUSINESS ADDRESS: STREET 1: LEGAL DEPARTMENT STREET 2: 2100 Q STREET CITY: SACRAMENTO STATE: CA ZIP: 95852 BUSINESS PHONE: 9163211846 MAIL ADDRESS: STREET 1: LEGAL DEPARTMENT STREET 2: 2100 Q STREET CITY: SACRAMENTO STATE: CA ZIP: 95816-6899 FORMER COMPANY: FORMER CONFORMED NAME: MNI NEWCO INC DATE OF NAME CHANGE: 19980218 8-K 1 v412613_8k.htm FORM 8-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

WASHINGTON, D.C. 20549

  

 

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): June 8, 2015

 

 

 

The McClatchy Company

 

(Exact name of registrant as specified in its charter)

 

DELAWARE

(State or other jurisdiction of

incorporation or organization)

  

1-9824

(Commission

File Number)

  

52-2080478

(I.R.S. Employer

Identification No.)

 

2100 Q Street
Sacramento, CA 95816
(Address of principal executive offices, zip code)

 

Registrant’s telephone number, including area code (916) 321-1846

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  

 
 

   

Item 8.01. Other Events.

 

On June 8, 2015, The McClatchy Company (the “Company”) announced that it had repurchased, in cash, $41.336 million in aggregate principal amount of its 5.75% Notes due 2017 at par plus accrued and unpaid interest in a privately-negotiated transaction. The company noted that its total debt balance, after the repurchase, is at $991.2 million and that debt net of cash, is approximately $948.9 million. A copy of the press release is furnished as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

 

 

Item 9.01.

Financial Statements and Exhibits.

  

Exhibit Number   Description
     
99.1   Press Release of The McClatchy Company, dated June 8, 2015

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

June 8, 2015   The McClatchy Company
     
    /s/ R. Elaine Lintecum
   

By:    R. Elaine Lintecum

Title: Vice President and Chief Financial Officer

  

 

 

 

 

 EX-99.1 2 v412613_ex99-1.htm EXHIBIT 99.1

McClatchy Reduces Debt $41.3 Million

SACRAMENTO, Calif., June 8, 2015 /PRNewswire/ -- The McClatchy Company (NYSE-MNI) today announced that it had repurchased $41.336 million in aggregate principal amount of its 5.75% Notes due 2017 at par plus accrued and unpaid interest in a privately negotiated transaction. The company's total debt balance, after the repurchase, is now at $991.2 million and debt net of cash is approximately $948.9 million.

Elaine Lintecum, McClatchy's chief financial officer, said, "This debt reduction is consistent with our goals to continue to strengthen our financial position and create leveraged equity returns for our shareholders. We now have only about $70 million of debt due in 2017 and no other maturities due until the end of 2022, which we believe will provide ample runway as we continue our digital transformation."

About McClatchy

The McClatchy Company is a 21st century news and information leader, publisher of iconic brands such as the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News and Observer, and the (Fort Worth) Star-Telegram. McClatchy operates media companies in 28 U.S. markets in 14 states, providing each of its communities with high-quality news and advertising services in a wide array of digital and print formats. McClatchy is headquartered in Sacramento, Calif., and listed on the New York Stock Exchange under the symbol MNI.

Additional Information

Statements in this press release regarding the Company's goals and ability to strengthen its financial position and create leveraged equity returns, as well as the Company's debt maturity runway, strategies and any other statements about management's future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) should also be considered to be forward-looking statements. There are a number of important risks and uncertainties that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: McClatchy may not generate cash from operations, or otherwise, necessary to reduce debt or meet debt covenants as expected; we may not be successful in the reducing debt whether through tenders offers, open market repurchase programs or other negotiated transactions; transactions may not close as anticipated or result in cash distributions in the amount or timing anticipated; McClatchy may not successfully implement audience strategies designed to increase audience revenue and may experience decreased audience volumes or subscriptions; McClatchy may experience diminished revenues from retail, classified, national and direct marketing advertising; McClatchy may not achieve its expense reduction targets or may do harm to its operations in attempting to achieve such targets; McClatchy's operations have been, and will likely continue to be, adversely affected by competition, including competition from internet publishing and advertising platforms; increases in the cost of newsprint; bankruptcies or financial strain of its major advertising customers; litigation or any potential litigation; geo-political uncertainties including the risk of war; changes in printing and distribution costs from anticipated levels, including changes in postal rates or agreements; changes in interest rates; changes in pension assets and liabilities; changes in factors that impact pension contribution requirements, including, without limitation, the value of the company-owned real property that McClatchy has contributed to its pension plan; increased consolidation among major retailers in our markets or other events depressing the level of advertising; our inability to negotiate and obtain favorable terms under collective bargaining agreements with unions; competitive action by other companies; and other factors, many of which are beyond our control; as well as the other risks detailed from time to time in the company's publicly filed documents, including the company's Annual Report on Form 10-K for the year ended Dec. 28, 2014, filed with the U.S. Securities and Exchange Commission. McClatchy disclaims any intention and assumes no obligation to update the forward-looking information contained in this release.



CONTACT: Ryan Kimball, Assistant Treasurer & Director of Investor Relations, 916-321-1849, rkimball@mcclatchy.com