Gannett (GCI) on Friday reported the results of early participation in an exchange offer for holders of its outstanding 6% senior secured notes due 2026.
The company said that at as of the early tender time of 5 pm ET on Thursday, about $40.4 million of the notes have been tendered for the loan option consideration of $1,000 in term loans and 1.5% upfront fee, while about $234.3 million of the notes have been tendered for the cash option consideration of $1,000 for each $1,000 principal amount of notes.
Gannett also said that the company and its Gannett Holdings unit have received the needed consents for the proposed amendments related to the notes.
The exchange offer and consent solicitation will expire at 5 pm ET on Oct. 25, unless extended, the company said.
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