GCI - Gannett announces $100M in share repurchase amends credit agreement

Gannett (NYSE:GCI) board authorized a share repurchase program for the repurchase of up to $100M of its common stock prior to Dec. 31, 2022. The share repurchase represents 15.3% of its current market cap; YTD, the stock has lost 8.8%. Also, the company amended its existing 5-year senior secured credit agreement to provide for an incremental term loan in principal amount not to exceed $50M and to transition the interest rate base from LIBOR to Term SOFR due to regulatory requirements. The existing and incremental loans under the credit agreement will now bear interest at a per annum rate equal to Term SOFR + 5.00% per annum plus the applicable credit spread adjustment. The above amendment also expands the definition of "Permitted Restricted Payments" to include up to $50M of stock repurchases closed on or prior to Dec.31, 2022. Separately, the company entered into an amendment to the Indenture for its

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Gannett announces $100M in share repurchase, amends credit agreement