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Lee Enterprises to Refinance Debt with Note Issue
Lee Enterprises, the publisher of the St. Louis Post-Dispatch and the Quad-City Times, is taking advantage of investors' growing appetite for high-yield corporate debt to refinance its debt.

The newspaper company will sell just over $1 billion worth of notes due in 2017 and 2018 to retire nearly all of its existing debt, which is due in April 2012, it said Monday.

Like other newspaper publishers, Lee Enterprises Inc., which is based in Davenport, Iowa, has been struggling with a decline in advertising. But the economic recovery has slowed the decline. Lee said Monday that it expects to report a revenue decline of 3.5 percent to 4 percent for the quarter that ended March 27, compared with last year. That compares with a 6.6 percent decline last year.

(Copyright 2011 by The Associated Press. All Rights Reserved. WGIL News contributed to this report.)
04 11 11 by Newsroom
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