NEW YORK (Standard & Poor's) April 26, 2011--Standard & Poor's Ratings Services said today that Lee Enterprises Inc.'s (B (prelim.)/Negative/--) revision in certain terms of its proposed financing does not affect our preliminary issuer, issue, and recovery ratings and outlook on the company at this time. The size of the first-priority-lien senior secured notes due 2017 (preliminary 'B' issue-level rating, preliminary '3' recovery rating) is being increased to $680 million from $675 million and the interest on the $375 million second-lien senior secured notes due 2018 (preliminary 'CCC+' issue-level rating, preliminary '6' recovery rating) is now a combination of cash interest and payment-in-kind instead of all mandatory cash. The revised structure results in a slight improvement in pro forma cash...
Companies mentioned in this report are:
- Lee Enterprises Inc.
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