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Gannett Announces $13M Repurchase of Senior Notes at a Discount, Secures Lender Waiver for Loan Payment Reduction

Benzinga · Mar 26 07:23

GCI -6.20%

Gannett Co., Inc. ("Gannett", "we", "us", "our", or the "Company") (NYSE:GCI) announced today it will repurchase approximately $13.0 million of 6.00% first lien notes due November 1, 2026 (the "2026 Senior Notes") for approximately $12.0 million, representing a discount to par value. The transaction is expected to close on March 28, 2024. In connection with the repurchase of the 2026 Senior Notes, the Company will receive a waiver from certain lenders under its five-year senior secured term loan facility that will reduce the scheduled amortization payment for the fiscal quarter ending March 31, 2024 payable to those lenders by the amount spent by the Company to repurchase the 2026 Senior Notes.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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