Gannett Announces Commitment Letter to Secure New Credit Facility to Refinance Existing Debt

Gannett Co., Inc. (“Gannett”, “we”, “our”, or the “Company”) (NYSE: GCI) announced today it has entered into a commitment letter for a comprehensive debt refinancing that is expected to extend our debt maturities and significantly reduce future dilution from the Company’s 6.0% Senior Secured Convertible Notes due 2027 (the “2027 Notes”).

The commitment letter provides for a new senior secured credit facility (the “Term Loan Facility”) with funds managed by affiliates of Apollo (NYSE: APO) (“Apollo Funds”) of up to $900 million, to be comprised of an initial term loan facility of approximately $675 million (the “Initial Term Facility”), to be funded at the time of closing, and a delayed draw term loan facility of approximately $225 million (the “Delayed Draw Facility”), which will be available at the Company’s discretion at closing and during the six months following closing, subject to certain customary funding conditions. Net proceeds from the Term Loan Facility will be used to repay in full the outstanding principal of the Company’s five-year senior secured term loan facility maturing October 15, 2026, to purchase or redeem the 6.0% first lien notes due November 1, 2026 (the “2026 Notes”) and to repurchase for cash up to 50% of the outstanding 2027 Notes. The Term Loan Facility will mature five years after the closing date and will bear interest at an annual rate equal to SOFR plus a margin of 5.0% with a floor of 150 basis points.
more at: https://investors.gannett.com/news/news-details/2024/Gannett-Announces-Commitment-Letter-to-Secure-New-Credit-Facility-to-Refinance-Existing-Debt/default.aspx

Related Posts

Blackhawks business updates: Cutting out ticket brokers has stabilized resale prices

Resale ticket prices are predictably high for the Hawks’ home opener Saturday against the Golden Knights, but they also look healthy for future home games. That’s because brokers are no longer dumping tickets, which should help season-ticket members recoup more value. This season, those physical, printed tickets will finally be available again. After any game they attended, fans can order physical tickets for $10 each. On the front, the ticket looks like an old-school ticket with matchup and seat info, but on the back, there will be stats from the game.

The New York Times Company Reports Fourth-Quarter 2022 Results

The New York Times Company announced fourth quarter 2022 diluted earnings per share from continuing operations of $.43 compared with $.41 in the same period of 2021. Adjusted diluted earnings per share from continuing operations (defined below) was $.59 in the fourth quarter of 2022 compared with $.43 in the fourth quarter of 2021. Operating profit decreased to $93.0 million in the fourth quarter of 2022 from $94.1 million in the same period of 2021 as higher digital subscription revenues at The New York Times Group segment (“NYTG”) and the impact from six additional days in the quarter were more than offset by a one-time charge related to the Company’s withdrawal from a multiemployer pension plan and operating losses at The Athletic segment (“The Athletic”). Adjusted operating profit (defined below) increased to $141.8 million from $109.3 million in the prior year, as higher digital subscription revenues at NYTG and the impact from the additional six days more than offset operating losses at The Athletic. Adjusted operating profit at NYTG increased to $148.7 million from $109.3 million as higher digital subscription and other revenues more than offset lower digital advertising revenues.

Abercrombie & Fitch Reports Second Quarter Results

Abercrombie & Fitch Co. reported a GAAP net loss per diluted share of $0.23 for the second quarter ended July 29, 2017, compared to a GAAP net loss per diluted share of $0.19 for the second quarter last year. Excluding certain items, the company reported an adjusted non-GAAP net loss per diluted share of $0.16 for the quarter, compared to an adjusted non-GAAP net loss per diluted share of $0.25 last year. Year-over-year changes in foreign currency exchange rates did not have a meaningful impact on net loss per diluted share for the quarter. Click Read More below for additional detail.
Back To Top
×Close search
Search