Gannett gains on plans to refinance debt to lower interest costs

Gannett stock rose 4% on Monday after the company announced another round of refinancing of its existing debt to bring down its interest costs.

The subscription-led digital media company will issue up to $550 million in senior secured notes, targeting a rate of 500 basis points over LIBOR (which is currently around 0.13%). That compares with a coupon of 7.75% for the bonds it issued in a January refinancing.

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