McLean, Va. – In a series of moves aimed at increasing its
financial flexibility, Gannett (NYSE: GCI), the large media company that publishes USA
Today, said on Wednesday it plans to raise $500 million through a private
offering of senior notes, and also has extended more than $1 billion in revolving
credit agreements.
Under the offering, the company will sell $250 million of
notes due in 2015 and $250 million due in 2018 to institutional buyers, using
the proceeds to repay existing debt.
Gannett also said its lenders have agreed
to extend the maturity date of its revolving credit agreements by more than two
years.
The company now expects to have $1.63 billion available through March
2012, and $1.14 billion through Sept. 2014.
"Successfully amending and
extending the maturity date on our revolving credit facilities provides us with
significant financial flexibility as we continue to position Gannett for the
future," said Gracia Martore, Gannett’s president, COO and CFO.
The
company expects to close the amended credit facilities by the end of this month.
Related Links:
http://www.gannett.com/news/pressrelease/2010/pr092210b.htm
http://www.gannett.com/news/pressrelease/2010/pr092210.htm
