Gannett Co., Inc. announced on September 26, 2024, the commencement of an exchange offer and consent solicitation. The company and its subsidiary, Gannett Holdings LLC, are offering to exchange any and all outstanding 6.000% Senior Secured Notes due 2026.
Holders of the Notes have the option to elect either first lien term loans of Gannett Holdings, accompanied by a 1.5% upfront fee, or cash consideration. This initiative is designed to manage the company's debt profile and optimize its capital structure.
Concurrently, a related consent solicitation is being made to eliminate substantially all restrictive covenants and certain default provisions contained in the Indenture governing the Notes. These proposed amendments aim to provide greater financial flexibility for Gannett.
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