November 29, 2012 at 15:26 PM EST
TEXT - S&P rates The McClatchy Co notes
Overview -- U.S. newspaper publisher The McClatchy Co. has proposed the issuance of $750 million privately placed Rule 144A first-lien senior secured notes due 2022. -- We expect proceeds will be used to fund the tender of $700 million of its 11.5% senior secured notes due 2017. -- We are assigning our 'B' issue-level rating to the notes, with a '2' recovery rating, and affirming our 'B-' corporate credit rating on the company. -- The stable rating outlook reflects our ex
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