GateHouse Gets $960 Million In New Credit

RSS
Follow by Email
Facebook
Facebook
Twitter
Visit Us
LinkedIn

By: E&P Staff

GateHouse Media Inc., which has been on an acquisitions tear in the last year, reported late Friday that it has received a commitments for $960 million in new credit facilities to refinance existing debt, pay for this week’s announced purchase of SureWest Directories in the Sacramento, Calif., market — and finance new acquisitions.

Fairport, N.Y.-based GateHouse said it had engaged Wachovia Capital Markets LLC and Goldman Sachs Credit Partners L.P. to structure, arrange and privately syndicate, and underwrite the new credit facilities, which are expected to be completed in February 2007.

The proceeds of the new credit facilities will be used to refinance existing debt, finance the previously announced acquisition of SureWest Directories (which acquisition is subject to governmental approvals and other customary closing conditions), and finance future acquisitions.

GateHouse Media publishes more than 430 dailies, community papers and shoppers in 18 states.

In GateHouse’s most recent quarterly report, filed Sept. 30, soon after it went public, the company indicated a long-term debt of $558 million.

Leave a Reply

Your email address will not be published. Required fields are marked *