The parent company of the Pantagraph Newspaper in Bloomington says it has refinanced the rest of its debt, about 800 million dollars worth it owes. Lee Enterprises says the deal significantly extends the due date to seven years instead of 2015 to 2017. Lee's Chief Financial Officer Carl Schmidt says the interest rate on the debt rises only slightly from 9.2% to nine and a quarter percent. Lee will also have to pay an additional 3.4 million bucks in fees and expenses per year related to the renegotiation. Last year the company paid back 98 million dollars of its debt. To gain the cash flow needed to attract new terms from debt holders over the last several years Lee has continued to cut expenses and staff as it negotiates the new digitial era. Its revenue has been flat to falling in many categories apart from its digital platforms.
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