Morris Publishing Group Announces The Call For Redemption For All Its Public Debt
AUGUSTA, Ga., July 12, 2012 /PRNewswire/ — Morris Publishing Group, LLC, today announces the call for redemption of all of its public debt. The company elected to redeem all outstanding notes under its publicly filed Indenture, and deposited funds with the Trustee to pay off these notes on Aug. 10, 2012. Morris Publishing refinanced its debt under more favorable terms with CB&T, of Columbus, Georgia, a division of Synovus Bank.
“Today demonstrates just how far we come in proving that there is a sustainable future for our company,” said William S. Morris IV, chief executive officer of Morris Publishing Group. “We believe in the power of journalism and commercial and non-commercial information provided to serve local communities daily. We continue to change our operations to reach local audiences and serve local businesses across print and digital channels.”
In January of 2010, Morris filed its Pre-Packaged Plan of Reorganization with the overwhelming support of its bondholders as well as its senior secured creditors. Morris emerged from that bankruptcy in a stronger position with new second lien secured notes due in 2014. Since emergence from that bankruptcy in March 2010, Morris has worked diligently to pay down the debt and refinance.
Under the new agreement, Morris Publishing Group, LLC, continues to be wholly owned and controlled by the Morris family.
The company which operates a portfolio of newspapers and media holdings throughout the United States underwent significant management and workforce restructure in the last three years that resulted in bolstering its digital platforms and solutions for customers. They also led innovations in digital content delivery and management.
“The call for early redemption and payment to our bond holders is a huge milestone for us and reflects the commitment that our company leaders and employees have had to turn around a financially stressed organization,” said Derek May, executive vice president of Morris Publishing Group, LLC. “Our future is bright as we transform into a digital-first media company and this transition in financing shows the confidence we and our lenders have in our future.”
About Morris Publishing
Morris Publishing Group, LLC, is a privately-held media company based in Augusta, Ga. MPG currently owns and operates 12 daily newspapers as well as non daily newspapers, city magazines and free community publications in the Southeast, Midwest, Southwest and Alaska.
The Company has a concentrated presence in the Southeast, with five signature holdings: The Florida Times-Union (Jacksonville), The Augusta Chronicle, Savannah (Ga.) Morning News, The St. Augustine (Fla.) Record and Athens (Ga.) Banner-Herald.
Morris Publishing Group’s other daily newspapers are: Amarillo (Texas) Globe-News; Brainerd (Minn.) Dispatch; Juneau (Alaska) Empire; Log Cabin Democrat (Conway, Ark.); Lubbock (Texas) Avalanche-Journal; Peninsula Clarion (Kenai, Alaska) and The Topeka (Kan.) Capital-Journal.
SOURCE Morris Publishing Group, LLC