Lee Enterprises $400 Million Refinancing
In 2014, Lane & Waterman LLP advised Lee Enterprises, Incorporated (NYSE: LEE), for which Mr. Waterman also serves as general counsel, in connection with the negotiation, documentation and closing of the refinancing of LEE’s of First and Second Lien Credit Facilities. The refinancing consisted of the sale of $400 million aggregate principal amount of its 9.5% Senior Secured Notes due 2022 (the “Notes”) to J.P. Morgan Securities LLC and Deutsche Bank Securities Inc., the placement of a $250 million first lien term loan and $40 million revolving facility under a First Lien Credit Agreement, the placement of a $150 million second lien term loan under a Second Lien Loan Agreement, and the issuance of 6,000,000 warrants to purchase LEE common stock to the Second Lien Lenders.
Sinclair Tractor Acquisition of Precision Equipment, LLC
In December 2013, Mr. Waterman advised Sinclair Tractor and its affiliate Iowa County Equipment, LLC, in the acquisition of all of the real and personal property of Precision Equipment, LLC. As a result of this transaction, Sinclair Tractor is now one of the largest John Deere dealerships in the State of Iowa.
Lee Enterprises $94 Million Refinancing
In January 2013, Mr. Waterman advised the Lee Enterprises, Incorporated in connection with the negotiation, documentation and closing of the refinancing with BH Finance LLC, a subsidiary of Berkshire Hathaway, Inc. (NYSE: BRK.A, BRK.B) OF $94 million of long term debt known as the Pulitzer Notes. The refinancing reduced the interest under the Pulitzer Notes to a fixed rate of 9.0% and extended the maturity from December 2015 to April 2017. The then-current interest rate of 11.3% had been scheduled to increase to 12.05% in January 2014 and 12.8% in January 2015.
National Bancshares, Inc. Reverse Triangular Merger
Commencing in November 2012, Mr. Waterman advised the Board of Directors of National Bancshares, Inc. ("Bancshares"), parent company of THE National Bank, of Bettendorf, Iowa, in connection with the negotiation, documentation and closing of a reverse triangular merger wherein Triumph Bancorp, Inc., a Texas financial holding company ("Triumph") would acquire 100% of the outstanding common and Class A preferred stock of Bancshares. Bancshares is a $945 million bank holding company. Following the merger, Triumph and its subsidiaries have approximately $1.2 billion in total assets and pro forma capital of over $150 million.
Lee Enterprises Sale of California-based Publications
In 2012, Mr. Waterman advised Lee Enterprises, Incorporated in the sale of its Escondido, California-based publications, North County Times and The Californian, together with their associated assets and properties, to Manchester Freedom, LLC, a San Diego-based publisher.