GCI - Why Gannett Stock Skyrocketed Today
Shares of Gannett (NYSE: GCI) have skyrocketed today, up by 26% as of 1:15 p.m. EST, after the company restructured $500 million of debt. Management also offered some optimistic commentary around the fourth quarter.
Gannett has refinanced $500 million of debt that was bearing an 11.5% interest rate and maturing in 2024, swapping out the debt with 6% convertible notes that are due in 2027. That will give the media company , which publishes USA Today as well as many local newspapers, greater financial flexibility while reducing interest expense. The outstanding balance of Gannett's term loan has now been reduced to approximately $1.12 billion.
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Why Gannett Stock Skyrocketed Today