After nabbing a net income of $27.4 million during the fourth quarter of 2009—a substantial uptick from the $85.5 million loss during the same quarter in 2008—Daily Progress parent company Media General recently announced the private sale of senior secured notes totaling $300 million, at an annual interest rate of 11.75 percent.
The Securities and Exchange Commission filing by Media General specifies that notes "are being offered only to ‘qualified institutional buyers’ as defined in Rule 144A under the Securities Act." Rule 144A allows businesses to skip registration of securities with the SEC when selling to Qualified Institutional Buyers (QIBs)—organizations with a minimum of $100 million in securities.
Shares in Media General closed yesterday at $8.53 , and currently sit at roughly $8.35. The 52-week range for the company shows a low of $1.25 per share, and a high of $11.65 per share.
