secwatch.observer — SEC 8-K summary
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Issuer:     USA TODAY Co., Inc. (TDAY)
CIK:        0001579684
Form:       8-K
Filed at:   2024-10-16T23:59:59+00:00
Accession:  0001140361-24-043565
Event type: debt
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1579684/000114036124043565/0001140361-24-043565-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1579684/000114036124043565/ef20037312_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-043565

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