- McClatchy (NYSEMKT:MNI +3.8%) today said it's contributed company-owned real estate to its defined-benefit pension plan.
- The package includes six properties -- land and buildings in North Carolina, Mississippi, Florida and California where it operates newspapers and offices -- valued at about $47.1M in aggregate.
- The company will lease back the property from the pension plan for an 11-year term, paying total annual rent of about $3.5M.
- McClatchy figures the contribution will more than satisfy a "nominal" required pension contribution. It's a "win-win" for the plan and the company, says CFO Elaine Lintecum, as the company will preserve cash to repay debt.
- Previously: McClatchy up 3.6% on Q4 revenue beat (Feb. 10 2016)