Gannett Completes $500 Million Notes Sale Offering

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By: E&P Staff

Gannett Co. Inc. said Monday it had successfully complete its previously announced private placement offering of $250 million aggregate principal amount of its 6.375% Senior Notes due 2015 and $250 million aggregate principal amount of its 7.125% Senior Notes due 2018.

The nation’s largest newspaper publisher said it intends to use proceeds from the notes to pay down debt on its revolving credit  credit facilities and term loan. Moody’s rated the notes a low investment-grade rating of Baa3.

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