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.