Gannett has repurchased $15 million of 6.00% first lien notes due November 1, 2026 for approximately $13.1 million, the publisher announced on Monday.
In addition, Gannett received a waiver from certain lenders under its five-year senior secured term loan facility.
This has reduced the scheduled amortization payment for the fiscal quarter ending on Sept. 30 by the amount spent to repurchase the 2026 notes.
"Year to date, we have repaid approximately $115 million of debt, and we believe we remain on track to repay more than $130 million of debt and reduce our first lien net leverage below 2.0x by the end of 2023,” says Michael Reed, chairman and chief executive officer of Gannett.
Apollo “waived $13.1 million of our scheduled amortization payment for the fiscal quarter ending September 30, 2023 to repurchase $15.0 million of our 2026 Senior Notes, representing a discount to par value of 87.5%,” Reed states.