Gannett Announces Continued Debt Repayment
10 Agosto 2023 - 8:00AM
Business Wire
Gannett Co., Inc. ("Gannett", "we", "us", "our", or the
"Company") (NYSE: GCI) announced today:
The Company used proceeds of $44.4 million from real estate
sales completed in the third quarter to reduce its first lien debt
by $46.9 million.
- Approximately $16.0 million of the proceeds were used to
repurchase approximately $18.5 million of 6.00% first lien notes
due November 1, 2026 (the “2026 Senior Notes”), representing a
discount to par.
- The remaining $28.4 million of proceeds were used to repay
amounts under its five-year senior secured term loan facility (the
“New Senior Secured Term Loan”).
“As part of our long-term strategy, debt repayment remains a
high priority, and we continue to make measurable progress each
quarter, evidenced again by repaying $46.9 million of debt
subsequent to the second quarter of 2023. Year-to-date, we have
repaid approximately $100 million of debt, and we expect to exceed
our initial projections by repaying at least $130 million of debt
by the end of 2023. We believe we are well positioned to further
improve our overall capital structure in the latter half of the
year, while maintaining a healthy balance sheet and strong
liquidity position. Our recent debt repayments, combined with the
real estate assets still in the sales pipeline, have placed us in a
favorable position to achieve a first lien net leverage well below
2.0x by the end of the year,” said Michael Reed, Gannett Chairman
and Chief Executive Officer.
About Gannett
Gannett Co., Inc. (NYSE: GCI) is a subscription-led and
digitally-focused media and marketing solutions company committed
to empowering communities to thrive. With an unmatched reach at the
national and local level, Gannett touches the lives of millions
with our Pulitzer Prize-winning content, consumer experiences and
benefits, and advertiser products and services. Our current
portfolio of media assets includes the USA TODAY NETWORK, which
includes USA TODAY, and local media organizations in 43 states in
the United States, and Newsquest, a wholly-owned subsidiary
operating in the United Kingdom. We also own digital marketing
services companies under the brand LocaliQ, which provide a
cloud-based platform of products to enable small and medium-sized
businesses to accomplish their marketing goals. In addition, our
portfolio includes what we believe is the largest media-owned
events business in the U.S., USA TODAY NETWORK Ventures. To connect
with us, visit www.gannett.com.
Cautionary Statement Regarding
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, but not
limited to, statements regarding our business outlook, our ability
to create long-term stockholder value, our expectations, in terms
of both amount and timing, with respect to debt repayment, our
capital structure and balance sheet, our expectations regarding
real estate and other asset sales, our strategy, our ability to
achieve our operating priorities, our long-term opportunities,
economic impacts, and future revenue trends and our ability to
influence trends. The Company makes no guarantees or assurances
that sales of any of the real estate or other asset sales in
negotiation will close. Words such as "expect(s)", “continue(s),”
"believe(s)", "will", “remain(s),” and similar expressions are
intended to identify such forward-looking statements. 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 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
most recent Annual Report on Form 10-K, our quarterly reports on
Form 10-Q, and our 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. Except to the extent required by law, 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/20230810466250/en/
For investor inquiries, contact: Matt Esposito Investor
Relations 703-854-3000 investors@gannett.com
For media inquiries, contact: Lark-Marie Anton Corporate
Communications 646-906-4087 lark@gannett.com
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