UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 18, 2012

 

 

MORRIS PUBLISHING GROUP, LLC

(Exact Name of Registrant as Specified in Its Charter)

 

 

Georgia

(State or other jurisdiction

of incorporation)

 

333-112246   26-2569462

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

725 Broad Street; Augusta, Georgia   30901
(Address of Principal Executive Offices)   (Zip Code)

(706) 724-0851

(Registrants’ Telephone Number, Including Area Code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 8.01 Other Events.

As required by the “Indenture” to the Floating Rate Secured Notes Due 2014 dated March 1, 2010 (the “New Notes”), Morris Publishing Group, LLC (“Morris Publishing”) is required to use its monthly positive operating cash flow, net of permitted cash flow adjustments, (“Excess Free Cash Flow”) to repay any amounts outstanding on its working capital facility, and then to redeem (on a pro rata basis) stated principal amounts outstanding on the New Notes; provided, however, that no payment or redemptions are required if Excess Free Cash Flow is less than $250,000 during the monthly period.

Applying this requirement with respect to Morris Publishing’s monthly period ending March 31, 2012, Morris Publishing redeemed $1,215,249 in aggregate stated principal amount of the New Notes on April 20, 2012, the referenced period’s Excess Cash Flow Payment Date (as defined in the Indenture). On April 18, 2012, Morris Publishing delivered a certificate to the Trustee under the Indenture stating that $1,215,249 of the aggregate stated principal amounts outstanding on the New Notes will be redeemed on the April 20, 2012 Excess Cash Flow Payment Date.


The table below summarizes all of the aggregate stated principal redemption and interest payments subsequent to the March 1, 2010 issuance date of the New Notes:

 

(dollars in thousands)

   Beginning
Principal
Outstanding
     Principal
Redeemed
     Interest Paid      Entire  Principal
Outstanding
     Payment
Due Date
 

Quarterly interest payment

   $ 100,000       $ —         $ 833       $ 100,000         4/1/10   

Excess Free Cash Flow-March 2010

     100,000         —           —           100,000         4/23/10   

Excess cash-Tranche A repayment

     100,000         3,211         21         96,789         4/23/10   

Excess Free Cash Flow-April 2010

     96,789         —           —           96,789         5/21/10   

Excess cash-Tranche B refinance

     96,789         1,760         24         95,029         5/21/10   

Excess Free Cash Flow-May 2010

     95,029         1,016         22         94,013         6/17/10   

Quarterly interest payment

     94,013         —           2,350         94,013         7/1/10   

Excess Free Cash Flow-June 2010

     94,013         2,803         14         91,210         7/19/10   

Excess Free Cash Flow-July 2010

     91,210         —           —           91,210         8/24/10   

Excess Free Cash Flow-August 2010

     91,210         1,094         24         90,116         9/17/10   

Quarterly interest payment

     90,116         —           2,254         90,116         10/1/10   

Excess Free Cash Flow-September 2010

     90,116         424         2         89,692         10/19/10   

Excess Free Cash Flow-October 2010

     89,692         1,994         26         87,698         11/18/10   

Excess Free Cash Flow-November 2010

     87,698         1,190         24         86,508         12/15/10   

Quarterly interest payment

     86,508         —           2,163         86,508         1/3/11   

Excess Free Cash Flow-December 2010

     86,508         —           —           86,508         1/21/11   

Excess Free Cash Flow-January 2011

     86,508         4,269         55         82,239         2/16/11   

Excess Free Cash Flow-February 2011

     82,239         3,227         68         79,012         3/16/11   

Quarterly interest payment

     79,012         —           1,975         79,012         4/1/11   

Excess Free Cash Flow-March 2011

     79,012         579         3         78,433         4/21/11   

Excess Free Cash Flow-April 2011

     78,433         —           —           78,433         5/16/11   

Excess Free Cash Flow-May 2011

     78,433         322         6         78,111         6/15/11   

Quarterly interest payment

     78,111            1,953         78,111         4/1/11   

Excess Free Cash Flow-June 2011

     78,111         563         3         77,548         7/15/11   

Excess Free Cash Flow-July 2011

     77,548         —           —           77,548         —     

Excess Free Cash Flow-August 2011

     77,548         3,445         73         74,103         9/16/11   

Quarterly interest payment

     74,103         —           1,853         74,103         10/3/11   

Excess Free Cash Flow-September 2011

     74,103         1,195         6         72,908         10/18/11   

Excess Free Cash Flow-October 2011

     72,908         1,548         19         71,360         11/16/11   

Excess Free Cash Flow-November 2011

     71,360         —           —           71,360         12/14/11   

Quarterly interest payment

     71,360         —           1,784         71,360         1/3/12   

Excess Free Cash Flow-December 2011

     71,360         1,368         8         69,992         1/20/12   

Excess Free Cash Flow-January 2012

     69,992         3,678         53         66,314         2/21/12   

Excess Free Cash Flow-February 2012

     66,314         2,376         50         63,938         3/15/12   

Quarterly interest payment

     63,938         —           1,598         63,938         4/2/12   

Excess Free Cash Flow-March 2012

     63,938         1,215         7         62,722         4/20/12   
     

 

 

    

 

 

       

Total to Date

      $ 37,278       $ 17,271         

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: April 20, 2012     MORRIS PUBLISHING GROUP, LLC
    By:  

        /s/ Steve K. Stone

              Steve K. Stone
              Senior Vice President and Chief Financial Officer