SEC Filing Shows Morris Unloading Real Estate

Published March 22, 2012
On March 19, Morris Publishing Group, LLC entered into an agreement of purchase and sale with Hagen Creek Properties, Inc., a Georgia corporation, for the sale of Morris Publishing’s newspaper building and real estate located at One Press Place in Athens. The building contains approximately 102,000 square feet of space and is situated on approximately 3.1 acres. Morris Publishing will continue to publish its newspaper, the Athens Banner-Herald, following the sale. Under the agreement, the buyer will pay Morris Publishing $13,230,000, payable in cash, at closing, with the net proceeds going towards paying down its $100 million aggregate principal amount of floating rate secured notes due in 2014. Morris Publishing will lease back approximately 10,000 square feet of the real property for a period of five years.
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