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Bulletin: Lee Enterprises Inc. Ratings Unaffected By Financing Terms Revision Apr 11 Product Image

Bulletin: Lee Enterprises Inc. Ratings Unaffected By Financing Terms Revision Apr 11

  • ID: 1714325
  • April 2011
  • Standard & Poors

Abstract
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.

Action: Bulletin

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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