Gannett completes $600 million debt offering
Monday, July 29, 2013 1:59 PM
Gannett Co. Inc. on Monday announced the successful completion of a previously announced private placement offering of 5.125 percent Senior Notes due 2020. "Very strong interest" from investors enabled Gannett to increase the offering from an initial $500 million to $600 million, said Gracia Martore, the company's president and CEO. Gannett, which is doubling its stake in broadcast assets with a $1.5 billion acquisition of 20 TV stations from Belo Corp., last week reported a 5.2 percent decrease in second-quarter earnings. Gannett intends to use the net proceeds from the offering to repay borrowings outstanding under its revolving credit facilities. Any remaining proceeds may be used to repay the company's outstanding unsecured notes and/or for general corporate purposes, The Des Moines Register's owner said.