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Gannett Announces Further Real Estate Sales and Debt Repayment
Gannett Announces Further Real Estate Sales and Debt Repayment
Gannett Co., Inc. (“Gannett”, “we”, “us”, “our”, or the Company”) (NYSE: GCI) today announced that from the beginning of the fourth quarter through the end of this week, the Company will have repaid approximately $647 million of its 11.5% term loan, reducing the outstanding balance to $1.082 billion. The sources of funds for the $647 million of repayment are:
$497 million of proceeds from the Companys issuance of 6% senior secured convertible notes due 2027;
Approximately $135 million of real estate and other non-core asset sales; and
Approximately $15 million of excess cash sweeps. ....

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