Gannett provides update on debt repayment, refinancing

Gannett announced that from the beginning of the third quarter through the close of business on September 9, the company expects to have sold approximately $13M in real estate and non-strategic asset sales, including the proceeds from the sale of certain businesses. Proceeds from the asset sales are expected to be used to repay approximately $13M of our five-year senior secured term loan facility. The company also provided an update on its refinancing efforts pursuant to the commitment letter announced last week. Specifically, the company expects to announce details and commence negotiations later this month for the exchange of the company’s 6% senior secured convertible notes due 2027 and its 6% first lien notes due November 1, 2026. The company expects to share preliminary results from these exchange offers in October, and we anticipate closing these transactions later this fall.