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Lee refinances part of massive debt

Wed, 01 May 2013 14:53:58 CDT
By: Jim Browne

Lee enterprises, the Pantagraph Newspaper parent company, has refinanced $94 million dollars of it's $898 million debt. An agreement with Berkshire Hathaway lowers the interest on the so-called "Pulitzer notes," from over 11 percent on a variable package to a fixed rate of 9 percent. Under the previous agreement interest would've gone above 12 percent at the end of this year, and to nearly 13 percent by the end of 2014. The new deal also pushes back the due date from December 2015 to April 2017.

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