Gannett pays down another $15 million of first-lien debt

By Mary-Katherine Stinson

Lexington, Ky., Sept. 18 – Gannett Co., Inc. gave an update on the progress on its debt repayments, according to an 8-K filing with the Securities and Exchange Commission and a press release.

The company repurchased about $15 million of its 6% first-lien notes due Nov. 1, 2026 for about $13.1 million, representing a discount to par value of 87.5%.

In connection with the repurchase, Apollo waived $13.1 million of the company’s scheduled amortization payment under its five-year senior secured term loan facility for the fiscal quarter ending Sept. 30.

“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 2x 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.,” Michael Reed, Gannett chairman and chief executive officer, said in the press release.

Gannett is a McLean, Va.-based media and marketing solutions company.

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