By: E&P Staff
GateHouse Media Inc. executed its follow-on public offering of 18.7 million shares on Monday, but the stock closed the day slightly below the offering price of $18.45.
Shares of GateHouse (GHS:NYSE) were at $18.37 at the 4:00 p.m. closing of trading, up 2 cents, or 0.11% from the opening.
Fairport, N.Y.-based GateHouse said it used a portion of the net offering proceeds to repay in full a $300 million bridge loan it used for two recent big newspaper purchases.
GateHouse, which had been known as Liberty Group Publishing, went public last October. On its first day of trading, its stock closed more than $3 above its initial public offering price of $18. Since then, it has traded in a range of 17.87 to 22.25.
GateHouse publishes 87 dailies and hundreds of community papers in 20 states.