Gannett To Sell $1.25 Billion in Notes

Posted Tuesday, May 23, 2006 12:00 am

By: E&P Staff In a filing with the United States Securities and Exchange Commission (SEC) Tuesday, Gannett Co. said it plans to sell floating rate and fixed rate notes to pay down a portion of its outstanding commercial paper and for general corporate purposes.

Separately, Reuters quoted Barclays, one of three joint lead manager on the sale, as saying the plan is to sell a total of $1.25 billion in notes.

The SEC filing does not give amounts, interest rates, dates or other information, but says the sale will include three-year floating rates notes, and five-year and 10-year fixed rates. The sale is expected to be initiated later on Tuesday.

Gannett says its commercial paper approximated $3.4 billion at March 26, 2006 with a weighted average interest rate of approximately 4.7% and an average maturity of approximately 23 days.

The other joint lead managers on the sale are Banc of America Securities LLC and JPMorgan.

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Gannett To Sell $1.25 Billion in Notes

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