Gannett begins private exchange offer for 5¾%, 6 3/8% notes

By Angela McDaniels

Tacoma, Wash., April 7 - Gannett Co., Inc. has begun a private exchange offer for its 5¾% notes due 2011 and 6 3/8% notes due 2012, according to a company news release.

Holders will receive new 10% senior notes due 2015 in exchange for the 5¾% notes and new 10% senior notes due 2016 in exchange for the 6 3/8% notes.

The company is offering $1,000 principal amount of new notes for each $1,000 principal amount of old notes exchanged. This includes an early participation payment of $30 principal amount of new notes for each old note tendered by the early participation deadline, which is 5 p.m. ET on April 21.

The company will also pay accrued interest up to but excluding the exchange date in cash.

The exchange offer will expire at 5 p.m. ET on May 5.

The new notes will be senior unsecured obligations and will be guaranteed by some of Gannett's subsidiaries.

The exchange offer is being made only to qualified institutional buyers and certain non-U.S. investors located outside the United States.

The exchange offer is conditioned on exchanges being received for at least $100 million principal amount of new 10% notes due 2015 and at least $100 million principal amount of new 10% notes due 2016.

Gannett is a news and information company based in McLean, Va.

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