Gannett Announces $13M Repurchase of Senior Notes at a Discount, Secures Lender Waiver for Loan Payment Reduction
Portfolio Pulse from Benzinga Newsdesk
Gannett Co., Inc. (GCI) announced it will repurchase $13.0 million of its 6.00% first lien notes due 2026 for $12.0 million, a discount to par value. The deal, closing on March 28, 2024, includes a waiver from lenders of its senior secured term loan, reducing the amortization payment for Q1 2024 by the repurchase amount.
March 26, 2024 | 11:23 am
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Gannett Co., Inc. plans to repurchase $13.0 million of its 2026 Senior Notes at a discount, effectively reducing its debt and securing a lender waiver to lower its Q1 2024 loan payment.
The repurchase of senior notes at a discount is a positive financial maneuver that reduces Gannett's overall debt burden. Additionally, securing a waiver from lenders to reduce the upcoming loan payment demonstrates effective debt management and negotiation skills, likely leading to a positive perception among investors and potentially a short-term uplift in GCI's stock price.
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