Gannett completes $274.7M notes exchange and $850M term loan refinancing; issues new 2031 convertibles

USA TODAY Co., Inc.

Exchanged 98.6% ($274.7M) of 6.000% Senior Secured Notes due 2026 for cash/term loans; $3.86M remain.
Repurchased/exchanged $447.2M of 2027 Convertible Notes for cash ($248.2M) and new 2031 Notes ($223.6M).
Issued $223.7M new 6.000% Convertible Notes due 2031; conversion price $5.00 (200 shares/$1,000); Apollo Funds bought $110M.
Entered $850.4M term loan ($49.6M delayed draw) under amended credit facility; SOFR+5.00%, 5-year, $17M annual amortization.
Apollo Administrative Agency replaces Citibank as agent; new covenant requires $30M minimum liquidity quarterly.

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