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) OCTOBER 1, 1997
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GARDEN STATE NEWSPAPERS, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 22-2675173
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1560 BROADWAY, SUITE 1450, DENVER, CO 80202
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (303) 837-0886
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NO CHANGE
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(Former name or former address, if changed since last report.)
Item 5. Other Events
In the Registrant's 10-K, filed on September 22, 1997, the
Registrant disclosed that it anticipated issuing $200.0 million of senior
subordinated notes. Subsequent to filing the 10-K, the Registrant increased
the size of the offering and on October 1, 1997, issued $250.0 million of
8.75% Senior Subordinated Notes (the "Offering"). The Senior Subordinated
Notes were sold at 99.415%, resulting in a yield to maturity of 8.83%.
The following table sets forth, after giving effect to borrowings
associated with the July 31, 1997, acquisition of THE SUN (previously
discussed in the Registrant's 10-K), the Offering and the paydown of debt
associated with the Offering, the approximate expected scheduled maturities
of long-term debt of the Registrant for the period indicated.
FISCAL IN THOUSANDS
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1998 .......................................................... $ 2,247
1999 .......................................................... 4,410
2000 .......................................................... 4,604
2001 .......................................................... 4,670
2002 .......................................................... 7,979
Thereafter..................................................... 382,980
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$406,890
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The following table sets forth the annual commitment reductions for
RCA, RCB and RCC, as well as annual payments under Term A Loan, giving effect
to the amended Bank Credit Agreement (previously discussed in the
Registrant's 10-K) and paydowns under the Bank Credit Agreement associated
with the Offering.
TERM A
RCA RCB RCC LOAN
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(In thousands)
1998................. $ 10,000 $ -- $ 4,000 $ --
1999................. 31,000 -- 7,500 --
2000................. 31,000 -- 7,500 --
2001................. 31,000 -- 12,000 --
2002................. 31,000 -- 12,000 3,750
Thereafter........... 33,000 27,000 33,000 11,250
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$167,000 $27,000 $76,000 $15,000
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Giving effect to the Offering and the related paydown of debt, the
Registrant will have $151.0 million available under RCA for future
acquisitions, $76.0 million under RCC for future acquisitions and general
corporate purposes and $22.0 million available under RCB, net of
approximately $5.0 million in letters of credit outstanding.
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SIGNATURES
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.
GARDEN STATE NEWSPAPERS, INC.
Date: October 6, 1997 By: /s/ Joseph J. Lodovic, IV
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Joseph J. Lodovic, IV
Executive Vice President,
Chief Financial Officer
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