GCI - Gannett reports real estate sales trim debt

Gannett (GCI) says that from the beginning of the Q4 through the end of this week, the Company will have repaid ~$647M of its 11.5% term loan, reducing the outstanding balance to $1.082B.Sources of funds are: $497M of proceeds from the Company’s issuance of 6% senior secured convertible notes due 2027; ~$135M of real estate and other non-core asset sales; and ~$15M of excess cash sweeps.“We are pleased to be closing the year having made significant progress to improve our capital structure. The actions we have taken to date have lowered our interest payments by $45m annually. Our asset sales have accelerated our debt repayment expectations and have increased our confidence in our ability to refinance the remaining term loan during the first half of 2021,” says Michael Reed, CEO.Press Release

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Gannett reports real estate sales, trim debt