Gannett authorizes $100M share repurchase, amends credit agreement for $50M incremental term loan

USA TODAY Co., Inc.

Board authorized up to $100M of common stock repurchase; may use open market, 10b5-1 plans, or tender offers.
Credit agreement amended for $50M incremental term loan; interest rate changes from LIBOR to Term SOFR + 5.00% + spread.
Supplemental indenture to 6% convertible notes permits up to $100M of stock repurchases through Dec 31, 2022.
CEO Michael Reed says stock price represents significant discount to intrinsic value; capital allocation includes debt paydown.

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