Gannett announces additional debt reduction


Gannett Co., Inc. (NYSE: GCI) announced today it has repurchased approximately $15.0 million of 6.00% first lien notes due Nov. 1, 2026, (the “2026 Senior Notes”) for approximately $13.1 million, representing a discount to par value. In connection with the repurchase of the 2026 Senior Notes, the company received a waiver from certain lenders under its five-year senior secured term loan facility that reduced the scheduled amortization payment for the fiscal quarter ending Sept. 30, 2023, payable to those lenders by the amount spent by the company to repurchase the 2026 Senior Notes.

“We continue to have a great relationship with Apollo and work with them on ways to increase value for our shareholders. Based on the agreement, Apollo waived $13.1 million of our scheduled amortization payment for the fiscal quarter ending September 30, 2023, to repurchase $15.0 million of our 2026 Senior Notes, representing a discount to par value of 87.5%,” said Michael Reed, chairman and chief executive officer. “Year to date, we have repaid approximately $115 million of debt, and we believe we remain on track to repay more than $130 million of debt and reduce our first lien net leverage below 2.0x by the end of 2023. We will continue to prioritize debt repayment, and we believe the strategic actions we are implementing to optimize our capital structure will enable us to accelerate the creation of additional value for our shareholders. We appreciate the support and flexibility of Apollo, and we look forward to providing additional updates.”

About Gannett:

Gannett Co., Inc. (NYSE: GCI) is a subscription-led and digitally-focused media and marketing solutions company committed to empowering communities to thrive. With an unmatched reach at the national and local level, Gannett touches the lives of millions with our Pulitzer Prize-winning content, consumer experiences and benefits, and advertiser products and services. Our current portfolio of media assets includes the USA TODAY NETWORK, which includes USA TODAY, and local media organizations in 43 states in the United States, and Newsquest, a wholly-owned subsidiary operating in the United Kingdom. We also own digital marketing services companies under the brand LocaliQ, which provide a cloud-based platform of products to enable small and medium-sized businesses to accomplish their marketing goals. In addition, our portfolio includes what we believe is the largest media-owned events business in the U.S., USA TODAY NETWORK Ventures. To connect with us, visit


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