Gannett Announces Early Debt Pay Down
January 07 2020 - 6:45AM
Business Wire
Gannett Co., Inc. (“Gannett”, the “Company”) (NYSE: GCI)
announced today it has made a prepayment of approximately $36.2
million in principal and accrued interest of its senior secured
term loan facility (“Term Facility”). As a result of this
prepayment, the Company reduced the outstanding principal amount
under the Term Facility by $35.8 million, from $1.792 billion as of
November 19, 2019 to approximately $1.756 billion.
The debt prepayment was funded with excess cash on hand,
including the proceeds from the sale of a local facility that was
completed prior to year-end.
“We are pleased to have begun to pay down the debt facility.
Reducing our leverage is a high priority for us,” said Michael
Reed, Chairman and Chief Executive Officer of Gannett. “We continue
to expect that real estate sales will enable us to accelerate our
debt reduction plan. In addition to this recent sale, we have
another $30 million of real estate sales under contract. We expect
to share additional details around the size and timing of real
estate sales when we announce fourth quarter earnings.”
About Gannett
Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally
focused media and marketing solutions company committed to
strengthening communities across our network. With an unmatched
reach at the national and local level, Gannett touches the lives of
nearly 140 million people monthly with our Pulitzer-Prize winning
content, consumer experiences and benefits, and advertiser products
and services. Gannett brands include the USA TODAY and more than
260 daily local newspaper brands, digital marketing services
companies ReachLocal, WordStream, and ThriveHive and U.K. media
company Newsquest. Following the completion of their recent merger,
starting November 20, 2019, New Media Investment Group Inc. trades
on the New York Stock Exchange under Gannett Co., Inc. and its
ticker symbol has changed to “GCI”. To connect with us, visit
www.gannett.com.
Forward-Looking
Statements
Certain items in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding future real estate sales and debt reduction. These
statements are based on management’s current expectations and
beliefs and are subject to a number of risks and uncertainties.
These and other risks and uncertainties could cause actual results
to differ materially from those described in the forward-looking
statements, many of which are beyond our control. The Company can
give no assurance that its expectations will be attained.
Accordingly, you should not place undue reliance on any
forward-looking statements contained in this press release. For a
discussion of some of the risks and important factors that could
cause actual results to differ from such forward-looking
statements, see the risks and other factors detailed from time to
time in the Company’s Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q and other filings with the Securities and Exchange
Commission. Furthermore, new risks and uncertainties emerge from
time to time, and it is not possible for the Company to predict or
assess the impact of every factor that may cause its actual results
to differ from those contained in any forward-looking statements.
Such forward-looking statements speak only as of the date of this
press release. The Company expressly disclaims any obligation to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company’s
expectations with regard thereto or change in events, conditions or
circumstances on which any statement is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20200107005210/en/
Ashley Higgins & Stacy Cunningham, Gannett Investor
Relationsinvestors@gannett.com(212) 479-3160orMedia:Stephanie
Tackach, Gannett Public Relationsstackach@gannett.com
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