Gannett Announces Additional Debt Reduction
18 Setembro 2023 - 8:00AM
Business Wire
Gannett Co., Inc. ("Gannett", "we", "us", "our", or the
"Company") (NYSE: GCI) announced today it has repurchased
approximately $15.0 million of 6.00% first lien notes due November
1, 2026 (the “2026 Senior Notes”) for approximately $13.1 million,
representing a discount to par value. In connection with the
repurchase of the 2026 Senior Notes, the Company received a waiver
from certain lenders under its five-year senior secured term loan
facility that reduced the scheduled amortization payment for the
fiscal quarter ending September 30, 2023 payable to those lenders
by the amount spent by the Company to repurchase the 2026 Senior
Notes.
“We continue to have a great relationship with Apollo and work
with them on ways to increase value for our shareholders. Based on
the agreement, Apollo waived $13.1 million of our scheduled
amortization payment for the fiscal quarter ending September 30,
2023 to repurchase $15.0 million of our 2026 Senior Notes,
representing a discount to par value of 87.5%,” said Michael Reed,
Chairman and Chief Executive Officer. "Year to date, we have repaid
approximately $115 million of debt, and we believe we remain on
track to repay more than $130 million of debt and reduce our first
lien net leverage below 2.0x by the end of 2023. We will continue
to prioritize debt repayment, and we believe the strategic actions
we are implementing to optimize our capital structure will enable
us to accelerate the creation of additional value for our
shareholders. We appreciate the support and flexibility of Apollo,
and we look forward to providing additional updates.”
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, our strategy, and our ability to achieve our
operating priorities. 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)", "look forward", "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/20230918615320/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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