Gannett pricing $500 million seven-year notes in Wednesday drive-by

By Paul A. Harris

Portland, Ore., July 24 - Gannett Co., Inc. plans to price $500 million of seven-year senior notes (expected ratings Ba1/BB) in a quick-to-market Wednesday transaction, following a late-morning investor call, according to a market source.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Barclays, Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Securities, SunTrust Robinson Humphrey Inc., US Bancorp, PNC Capital Markets and Fifth Third Securities are the joint bookrunners.

The Rule 144A and Regulation S for life notes become callable in three years at par plus 75% of the coupon.

The McLean, Va.-based media and marketing solutions company plans to use the proceeds to repay its revolver and other current debt and for general corporate purposes.

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