Lee Enterprises has postponed its scheduled $1.055 billion junk bond offering, The Wall Street Journal reports. The newspaper publisher has now converted a portion of the offering to a loan. Initially, Lee planned to sell the debt as part of an effort to refinance all of its existing debt. The company revised the terms of a previously announced note offering, raising by $5 million to $680 million the volume of the first tranche senior secured notes due 2017. It also revised $375 million of second-lien senior secured notes due 2018.
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