SACRAMENTO, Calif. — The McClatchy Co. on Wednesday reported strong results from its bond repurchase effort, a piece of its debt refinancing program.
McClatchy said bondholders agreed to sell back $171 million worth of bonds that are coming due next year and in 2014. Sacramento-based McClatchy had offered to repurchase up to $190 million worth of bonds and even sweetened its original offer.
The newspaper company is working on a complicated refinancing that will push a major chunk of its loan maturity back to 2017, helping the publisher cope with the recession and a slump in advertising. McClatchy already sold $875 million worth of new bonds due in 2017; the proceeds will be used to repurchase bonds and retire some bank loans.