MORRIS PUBLISHING PLACES $50 MILLION
OF 7% OF SENIOR SUBORDINATED NOTES
AUGUSTA,
Ga.- Morris Publishing Group LLC announced today that it has
agreed to sell in a private placement $50 million aggregate
principal amount of its 7% senior subordinated notes due 2013.
The notes are an add-on to Morris Publishing's $250 million
private placement that closed on August 7, 2003. The net proceeds
from this offering will be used to pay down existing debt
outstanding under its $175.0 million revolving credit facility,
which it uses for general corporate activities, including
working capital requirements and capital expenditures. This
offering is expected to close on September 24, 2003, subject
to customary closing conditions.
The
notes have not been registered under the Securities Act of
1933, as amended, or applicable state securities laws, and
may not be offered or sold in the United States absent registration
under the Securities Act and applicable state securities laws
or an applicable exemption from registration requirements.
This
news release does not constitute an offer to sell or the solicitation
of an offer to buy the notes described herein.
This
press release contains forward-looking statements. These forward-looking
statements involve a number of risks and uncertainties. Among
important factors that could cause actual results to differ
materially from those indicated in such forward-looking statements
are uncertainties relating to market conditions for corporate
debt securities in general and our notes in particular.
Morris
Publishing Group LLC is a wholly owned subsidiary of Morris
Communications Company LLC, a privately held media company
based in Augusta, Ga.. Morris Publishing Group was formed
in 2001 and assumed the operations of the newspaper business
segment of its parent, Morris Communications. Morris Publishing
publishes 26 daily, 10 nondaily and 23 free community newspapers
in the United States.