Gannett Co., Inc. (“Gannett”, the “Company”) (NYSE: GCI) announced today
it has made a prepayment of approximately $36.2 million in principal and
accrued interest of its senior secured term loan facility (“Term
Facility”). As a result of this prepayment, the Company reduced the
outstanding principal amount under the Term Facility by $35.8 million,
from $1.792 billion as of November 19, 2019 to approximately $1.756
billion.
The debt prepayment was funded with excess cash on hand, including the
proceeds from the sale of a local facility that was completed prior to
year-end.
“We are pleased to have begun to pay down the debt facility. Reducing
our leverage is a high priority for us,” said Michael Reed, Chairman and
Chief Executive Officer of Gannett. “We continue to expect that real
estate sales will enable us to accelerate our debt reduction plan. In
addition to this recent sale, we have another $30 million of real estate
sales under contract. We expect to share additional details around the
size and timing of real estate sales when we announce fourth quarter
earnings.”
About Gannett
Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused
media and marketing solutions company committed to strengthening
communities across our network. With an unmatched reach at the national
and local level, Gannett touches the lives of nearly 140 million people
monthly with our Pulitzer-Prize winning content, consumer experiences
and benefits, and advertiser products and services. Gannett brands
include the USA TODAY and more than 260 daily local newspaper brands,
digital marketing services companies ReachLocal, WordStream, and
ThriveHive and U.K. media company Newsquest. Following the completion of
their recent merger, starting November 20, 2019, New Media Investment
Group Inc. trades on the New York Stock Exchange under Gannett Co., Inc.
and its ticker symbol has changed to “GCI”. To connect with us, visit
www.gannett.com.
Forward-Looking Statements
Certain items in this press release may constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding future real estate
sales and debt reduction. These statements are based on management’s
current expectations and beliefs and are subject to a number of risks
and uncertainties. These and other risks and uncertainties could cause
actual results to differ materially from those described in the
forward-looking statements, many of which are beyond our control. The
Company can give no assurance that its expectations will be attained.
Accordingly, you should not place undue reliance on any forward-looking
statements contained in this press release. For a discussion of some of
the risks and important factors that could cause actual results to
differ from such forward-looking statements, see the risks and other
factors detailed from time to time in the Company’s Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q and other filings with the
Securities and Exchange Commission. Furthermore, new risks and
uncertainties emerge from time to time, and it is not possible for the
Company to predict or assess the impact of every factor that may cause
its actual results to differ from those contained in any forward-looking
statements. Such forward-looking statements speak only as of the date of
this press release. The Company expressly disclaims any obligation to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company’s
expectations with regard thereto or change in events, conditions or
circumstances on which any statement is based.
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