Gannett To Repurchase Around $13 Mln Of 6% 2026 Senior Notes

(RTTNews) - Tuesday, Gannett Co., Inc. (GCI) announced its plan to repurchase around $13 million of 6% first lien notes due on November 1, 2026, for about $12 million, at a discount to their face value.

The transaction is set to be completed on March 28, 2024.

The company will be granted a waiver by certain lenders under its five-year senior secured term loan facility as part of the repurchase of the 2026 Senior Notes.

CEO Michael Reed stated that the company anticipates prioritizing debt reduction and enhancements to their capital structure in their capital allocation strategy. Consequently, they plan to repay at least $110 million in 2024 through the disposal of non-strategic assets and ongoing enhancements in free cash flow.