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Benzinga
Benzinga
Business
Anusuya Lahiri

Gannett Launches Share Buyback Up To $100M; Amends Credit Agreement

Gannett GCI NYSE
  • Gannett Co Inc's (NYSE:GCI) board authorized a share buyback of up to $100 million.
  • Gannett's existing five-year senior secured credit agreement will provide for an incremental term loan not exceeding $50 million and 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--11.448 bps for one-month Term SOFR, 26.161 bps for three-month Term SOFR and 42.826 bps for six-month Term SOFR.
  • Gannett held $141.3 million in cash and equivalents as of September 30. Net cash provided by operating activities for the quarter amounted to $40.8 million.
  • Price Action: GCI shares are trading higher by 9.57% at $5.33 in the market session on the last check Tuesday.
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