Gannett Co., Inc. (“Gannett”, “we”, “us”, “our”, or the “Company”) (NYSE: GCI) announced today it will repurchase $14.0 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 November 17, 2023. 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 December 31, 2023 payable to those lenders by the amount spent by the Company to repurchase the 2026 Senior Notes.
“We continue to opportunistically take out additional senior notes below par value by working with our lenders, and this repurchase mirrors the executed agreement announced in mid-September,” said Michael Reed, Chairman and Chief Executive Officer. “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.”
https://investors.gannett.com/news/news-details/2023/Gannett-Announces-Ongoing-Debt-Reduction/default.aspx