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 prorata 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.
Applying this requirement with respect to Morris Publishing's monthly period ending August 31, 2011, Morris Publishing redeemed $3,445,267 in aggregate stated principal amount of the New Notes on September 16, 2011, the referenced period's Excess Cash Flow Payment Date (as defined in the Indenture). On September 14, 2011, Morris Publishing delivered a certificate to the Trustee under the Indenture stating that $3,445,267 of the aggregate stated principal amounts outstanding on the New Notes will be redeemed on the September 16, 2011 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 | | | Ending 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 | | 7/1/11 |
Excess Free Cash Flow-June 2011 | | | 78,111 | | | | 563 | | | | 3 | | | | 77,548 | | 7/19/11 |
Excess Free Cash Flow-July 2011 | | | 77,548 | | | | - | | | | - | | | | 77,548 | | 8/17/11 |
Excess Free Cash Flow-August 2011 | | $ | 77,548 | | | | 3,445 | | | | 73 | | | $ | 74,103 | | 9/16/11 |
Total-to date | | | | | | $ | 25,897 | | | $ | 11,893 | | | | | | |