Gannett said last week that it has refinanced around $1 billion in debt, USA Today reported.
The move will reduce the interest rate on the $1.045 billion in debt to 7.75% from 11.5%, saving Gannett $90 million in interest in 2021, the paper says.
The action refinances the rest of the loan that backed the merger of GateHouse Media parent New Media Investment Group and the company called Gannett in 2019. The blended company uses the Gannett name.
In fall 2020, Gannett said it refinanced some $500 million in debt from the merger, said USA Today.
“Refinancing our original term loan was our number one priority since closing the acquisition of Gannett Media Corp. in November 2019 and we are thrilled to have been able to do so this early into 2021, which is well ahead of our original target date,” Gannett Chairman and CEO Michael Reed said in a news release.
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