Media company Gannett said it has now restructured its $1.045 billion debt which will reduce its interest payments and save millions a year.
The company will save up to $90 million in interest this year as the deal lowers the interest rate from 11.5 percent to 7.75 percent with extended maturity at February 2026.
Gannett CEO Michael Reed said, “Refinancing our original term loan was our number one priority since closing the acquisition of Gannett Media Corp. in November 2019 and we are thrilled to have been able to do so this early into 2021, which is well ahead of our original target date.”
Reed also said that they are confident they “will be able to execute on $100-$125 million in additional asset sales this year.”
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