Lee Enterprises Strikes Refinancing Agreement On $306 Million Debt

Attempting to get a hold on its costs as the recession deepens, Lee Enterprises (NYSE: LEE) has struck agreements to refinance $306 million of debt related to its the borrowing it did to buy Pulitzer Inc., the parent of the St. Louis Post-Dispatch, for $1.5 billion almost four years ago. The agreement also allows Davenport, Iowa-based Lee to restructure future payments under its $1.1 billion bank financing arrangements. Lee also has redeemed the 5 percent interest of its minority partner in the Post-Dispatch. As part of the the refinancing, Lee has repaid $120 million of the principal amount of its $306 million Pulitzer Notes, which are due in April 2009. Full story...