Simpson Thacher Represents Initial Purchasers in $500 Million High Yield Debt Offering by Gannett
10.06.09
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The Firm represented the initial purchasers, led by Banc of America Securities LLC, in connection with an unregistered offering by Gannett Co., Inc. of $250 million of 8.750% Notes due 2014 and $250 million of 9.375% Notes due 2017. The 2014 notes were priced at 98.465% to yield 9.125%, and the 2017 notes were priced at 98.582% to yield 9.625%. Both the 2014 notes and the 2017 notes were entitled to registration rights. Gannett intends to use the net proceeds from this offering to reduce borrowings under its existing bank credit facilities, with the purpose of extending the average maturity of Gannett's debt.
Gannett is an international news and information company. It publishes 85 daily U.S. newspapers, including USA TODAY, and more than 850 magazines and other publications. Gannett also operates 23 television stations and several web sites. Gannett's subsidiary Newsquest is the United Kingdom's second largest regional newspaper company.
The Simpson Thacher team for the transaction included Walt Looney, Grenfel S. Calheiros and Courage Otaigbe (Corporate); Rian Balfour (Tax); Jeanne Annarumma (Executive Compensation and Employee Benefits); Jennie Getsin (Blue Sky); and Andre Sim (Paralegal).