Gannett starts roadshow for $400 million five-year first-lien notes; initial talk mid-6% area

By Paul A. Harris

Portland, Ore., Oct. 4 – Gannett Holdings LLC started a brief roadshow for a $400 million offering of five-year first-lien senior secured notes (B1//BB) on Monday, according to market sources.

The deal, which was set to kick off on a Monday conference call with investors, is in the market with guidance in the mid-6% area and is expected to price on Wednesday.

Citigroup Global Markets Inc. is the left bookrunner. Apollo Global Securities LLC is the joint bookrunner.

The Rule 144A and Regulation S notes become callable after two years at par plus 50% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The McLean, Va.-based media and marketing company plans to use the proceeds plus a new senior secured direct term loan to pay off its existing senior secured term loan B.

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