In a statement earlier today, Corporate said:
Gannett today announced the successful completion of its previously announced private placement offering of $250 million aggregate principal amount of its 6.375% Senior Notes due 2015 and $250 million aggregate principal amount of its 7.125% Senior Notes due 2018.
The company intends to use the net proceeds from the offering to repay borrowings outstanding under its revolving credit facilities and term loan.
Monday, September 27, 2010
7 comments:
Jim says: "Proceed with caution; this is a free-for-all comment zone. I try to correct or clarify incorrect information. But I can't catch everything. Please keep your posts focused on Gannett and media-related subjects. Note that I occasionally review comments in advance, to reject inappropriate ones. And I ignore hostile posters, and recommend you do, too."
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Laying on more debt to pay off old debt is not a recipe for success and prosperity. I happen to think there is something else going on here, and the money is being accumulated for something we will hear about later.
ReplyDeleteFunny. These dates are just a year after every one on the gmc retirees!!! Leaving the debt for others to worry about! Nice job Gracia!
ReplyDeleteIsn't this essentially what the government does? Borrow from Peter to pay Paul and let another administration worry about things down the road? One thing current Gannett management won't worry about is taking any kind of cut in pay, bonuses and other compensation.
ReplyDeleteI think this is part of the agreement to roll over the 2012 debt, which they've successfully agreed to with their revolver account as well. Remember last year when everyone was sure Gannett was doomed to bankruptcy because of the 2012 debt? That's entirely off the table now as an issue.
ReplyDeleteYep, now they have more time to come up with the money as revenues continue their downward slide.
ReplyDeleteBut as a previous poster noted, today's execs could be history by then and Gannett will be someone else's problem to solve.
Many of the comments on this blog exhibit a lack of understanding of basic corporate finance. Could it be that Gannett furloughed too many business reporters?
ReplyDeleteMaybe 11:48 would like to set everyone straight. What are the misconceptions?
ReplyDelete