UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 16, 2018
_______________________________________________________________________
LEE ENTERPRISES, INCORPORATED
(Exact name of Registrant as specified in its charter)
_______________________________________________________________________
Commission File Number 1-6227
Delaware (State of Incorporation) | 42-0823980 (I.R.S. Employer Identification No.) |
201 N. Harrison Street, Davenport, Iowa 52801
(Address of Principal Executive Offices)
(563) 383-2100
Registrant’s telephone number, including area code
_____________________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 7.01. | Regulation FD Disclosure. |
On November 16, 2018, Lee Enterprises, Incorporated (the "Company") announced that the Company has repaid, in full, the $250 million 1st Lien Term Loan issued in March, 2014. The repayment comes nearly five months ahead of the March 31, 2019 maturity date. On September 30, 2018, prior to the final payoff of the 1st Lien Term Loan, total consolidated debt was $484.9M. A copy of the news release is furnished as Exhibit 99.1 to this Form 8-K and information from the news release is hereby incorporated by reference. The information in this report shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended.
Item 9.01. Financial Statements and Exhibits.
(d) | Exhibits | ||
99.1 | |||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
LEE ENTERPRISES, INCORPORATED | ||||
/s/ Timothy R. Millage | ||||
Date: | November 16, 2018 | By: | ||
Timothy R. Millage | ||||
Vice President, Chief Financial Officer and | ||||
Treasurer | ||||
Exhibit 99.1 - News Release – Dated November 16, 2018
201 N. Harrison St.
Davenport, IA 52801
www.lee.net
NEWS RELEASE
Lee announces early repayment of 1st Lien Term Loan
DAVENPORT, Iowa (November 16, 2018) - Lee Enterprises (NYSE: LEE), a leading provider of news, information and advertising in 49 markets, announced today that the company has repaid, in full, the $250 million 1st Lien Term Loan issued in March, 2014. The repayment comes nearly five months ahead of the March 31, 2019 maturity date.
“Early payment of our 1st Lien Term Loan is a testament to our strong performance and substantial cash flows,” said Vice President, Chief Financial Officer and Treasurer Timothy Millage. “We have been, and will continue to be, committed to aggressively reducing debt.
Our revolving credit facility, which is part of the 1st Lien Credit Agreement, matures in December 2018 and we are currently working to amend and extend it beyond its maturity date,” he said.
As of September 30, 2018, prior to the repayment of the 1st Lien Term Loan, the Company’s debt balances were:
1st Lien Term Loan | $6.3 million |
1st Lien Senior Secured Notes | $385.0 million |
2nd Lien Term Loan | $93.9 million |
Total principal amount of debt | $484.9 million |
Debt was reduced $15.0 million in the fourth fiscal quarter of 2018 and by $63.5 million in the 2018 fiscal year.
Millage continued, “The remaining tranches of our debt mature in fiscal years 2022 and 2023; however we, with the help of our advisors, continue to evaluate the timing and economics of an opportunistic comprehensive refinancing.”
Lee’s financial results for the fourth quarter and fiscal year will be released in mid-December.
ABOUT LEE
Lee Enterprises is a leading provider of local news and information, and a major platform for advertising, with daily newspapers, rapidly growing digital products and nearly 300 weekly and specialty publications serving 49 markets in 21 states. Year to date, Lee's newspapers have average circulation of 0.8 million daily and 1.1 million Sunday, and are estimated to reach almost three million readers in print alone. Lee's markets include St. Louis, MO; Lincoln, NE; Madison, WI; Davenport, IA; Billings, MT; Bloomington, IL; and Tucson, AZ. Lee Common Stock is traded on the New York Stock Exchange under the symbol LEE. For more information about Lee, please visit www.lee.net.
Contact:
Charles Arms
Corporate Communications Manager
IR@lee.net
(563) 383-2100