The McClatchy Company (NYSE: MNI) Update
The McClatchy Company (NYSE: MNI) today announced that it had repurchased $10.021 million in aggregate principal amount of its 5.75% Notes due 2017 and $15.0 million of its 9.0% Secured Notes due 2022 for a total $22.9 million plus accrued and unpaid interest in a privately negotiated transaction. The company’s total debt balance, after the repurchase, is now at $966.1 million.
Elaine Lintecum, McClatchy’s chief financial officer, said, “We continue to execute on our plan to reduce our debt obligations while at the same time managing the digital transformation of our business. We remain committed to strengthening our financial position and creating leveraged equity returns for our shareholders. Our next debt maturity date is in 2017 and is approximately $60 million, and we have no other maturities due until the end of 2022. This manageable maturity runway provides us with the necessary flexibility to accomplish our operational goals and objectives.”
MCCLATCHY CO closed up 0.050 at 0.920. Volume was 95% below average (consolidating) and Bollinger Bands were 33% narrower than normal.
Open High Low Close Volume___
0.890 0.940 0.890 0.920 26,609
Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 0.92 1.01 1.99
Volatility: 83 99 76
Volume: 222,723 511,182 419,993
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
Summary
MCCLATCHY CO is currently 53.8% below its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of MNI at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on MNI and have had this outlook for the last 4 periods.
About McClatchy
The McClatchy Company is a 21st century news and information leader, publisher of iconic brands such as the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News and Observer, and the (Fort Worth) Star-Telegram. McClatchy operates media companies in 28 U.S. markets in 14 states, providing each of its communities with high-quality news and advertising services in a wide array of digital and print formats. McClatchy is headquartered in Sacramento, Calif., and listed on the New York Stock Exchange under the symbol MNI.
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