GCI - Why Shares of Gannett Are Rising Today
Shares of the large news publisher Gannett (NYSE: GCI) rose as much as 11.5% at one point Tuesday morning after the company announced a share repurchase plan and an amended credit agreement.
Gannett announced that its board of directors had authorized a $100 million repurchase plan between now and the end of the year. That represented more than 15% of the company's market cap before the recent run this morning.
Gannett also announced a change to its five-year senior secured credit agreement in order to change the interest rate on the credit from LIBOR (London interbank offered rate), which is being phased out as a benchmark loan rate, to its replacement, SOFR (secured overnight financing rate).
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Why Shares of Gannett Are Rising Today