Gannett delays early deadline in exchange offer for 5¾%, 6 3/8% notes; waives minimum

By Susanna Moon

Chicago, May 4 - Gannett Co., Inc. said it again extended the early participation deadline in its private exchange offer for its 5¾% notes due 2011 and 6 3/8% notes due 2012.

The early participation deadline is now 5 p.m. ET on May 5, pushed back from May 1 and, before that, April 21.

The exchange offer also will expire at 5 p.m. ET on May 5. The settlement date is May 7.

As of May 1, the company had received tenders from holders of $44 million principal amount of 5¾% notes and $189 million principal amount of 6 3/8% notes.

Gannett also said it waived the exchange offer's minimum tender condition for the 5¾% notes, in which the offer was 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.

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.

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

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.

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

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