Gannett buys back $14 million 6% first-lien notes due 2026 at discount

By William Gullotti

Buffalo, N.Y., Nov. 15 – Gannett Co., Inc. repurchased $14 million of 6% first-lien notes due Nov. 1, 2026 for about $12 million on Wednesday, according to an 8-K filing with the Securities and Exchange Commission and a press release.

In connection with the buyback, expected to settle Nov. 17, the company received a waiver from lenders under its five-year senior secured term loan facility that will reduce the scheduled amortization payment for the fiscal quarter ending Dec. 31, 2023.

“With the closing of this transaction, and subsequent to the third quarter, we will have repaid $20.2 million of debt, which will bring our year-to-date total to approximately $138.0 million, which exceeds our initial projections outlined at the beginning of the year. We are pleased with the pace of our debt reduction this year, including bringing first lien net leverage to below 2.0x in the third quarter this year. Debt repayment remains a high priority and we expect to continue to improve our capital structure through significant debt reduction, while maintaining a healthy balance sheet and a strong liquidity position,” said Michael Reed, Gannett chairman and chief executive officer, in an attached press release.

Gannett is a McLean, Va.-based media and marketing solutions company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.