Gannett snares $516 million in refinancing to pay down existing loan

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Media giant Gannett Co., Inc. has entered into a $516 million senior secured loan facility and will use the funds, along with $400 million from a private offering, to repay an existing term loan.

"This refinancing reduces our cost of capital by nearly 200 basis points, saving significant interest expense, while also improving upon the terms of our prior credit facility entered into in February 2021,” states Michael Reed, CEO of Gannett.

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