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Gannett Refinances $1B in Debt From Merger in Cost-saving Move, Arranged by Citigroup Global Markets

Gannett, owner of USA TODAY and more than 260 other publications, said Monday that it has refinanced about $1 billion in debt in a move that will lower the company’s interest payments and save tens of millions of dollars a year.

The new $1 billion loan, arranged by Citigroup Global Markets, will mature in February 2026, the company said, replacing debt that was due in November 2024. The deal is scheduled to close early next week.

The move refinances more than half the loan that bankrolled the merger of GateHouse Media parent New Media Investment Group and the company previously known as Gannett in November 2019. The combined company took the name Gannett.

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TSL Express Daily Headlines & News

  • Haynes and Boone Recruits Experienced Finance Lawyers Jim Markus and Tim Johnston
    February 20, 2020
    Markus and Johnston have spent the bulk of their careers handling complex finance transactions in a variety of sectors, including manufacturing, distribution, energy, and electronics. They represent lenders, including international and regional banks, private equity funds and corporate borrowers, and have particular experience handling syndicated and bilateral domestic and cross-border asset-based lending (ABL) transactions and leveraged financings in the commercial and industrial spaces.
  • Sixpoint Announces Seven Promotions, Including Election of Shawn Schestag to Partner, and Andrew Gulotta and Sean Joffe to Managing Director
    February 20, 2020
    Sixpoint Partners (“Sixpoint”), a leading global investment bank serving the middle-market private equity industry, today announced the election of Shawn Schestag to Partner, and the promotions of six others, including two to Managing Director. The promotions span across the Secondary Advisory, Distribution and Project Management teams. Mr. Schestag’s election and the additional six promotions are effective immediately.
  • Larry Blackman Joins Phoenix Management Services as a Senior Director
    February 20, 2020
    Larry Blackman joined Phoenix Management Services as a Senior Director in the firm’s Boston, MA office and brings to the firm more than 25+ years of experience in finance and operations.
  • Bausch Health Announces It Is Seeking A Refinancing Amendment To Its Existing Credit Agreement And Conditional Redemption Of Existing Senior Secured Notes
    February 20, 2020
    ausch Health Companies Inc. (NYSE/TSX: BHC) ("Bausch Health" or the "Company") announced today that it is seeking to amend and refinance its existing credit agreement (the "Credit Agreement") in order to extend and reprice its existing term loan facility and revolving credit facility and make certain other amendments to the terms of the facilities in connection therewith (collectively, the "Credit Agreement Refinancing"). Additionally, the Company intends, subject to market conditions, to have Bausch Health Americas, Inc. ("BHA"), a wholly-owned indirect subsidiary of the Company, issue $3.25 billion of secured debt securities (the "New Debt Securities").
  • Wingspire Capital Hires Will Bence as Principal in the Midwest
    February 19, 2020
    Wingspire Capital, LLC (“Wingspire”) today announced that William Bence joined the firm as Principal, responsible for business development activities of Wingspire Capital in Chicago and the midwestern United States. Will joins Wingspire from Fifth Third Business Capital where he had nearly 15 years of experience, most recently leading the middle market ABL business development efforts in the Michigan and Ohio marketplace.
  • Tiger Group Sets 2019 Sales Record for Pro-Grade AV Gear
    February 19, 2020
    Company’s LA-based audiovisual vertical posts a 50 percent increase in total dollar volume for auctions, liquidations and turnkey sales in 2019; buyers and bidders increase by 40 percent.
  • True Wind Capital Hires John Gray as Vice President
    February 19, 2020
    True Wind Capital, a leading private equity firm focused on investments in targeted segments of technology, today announced the hiring of John Gray as Vice President.
  • Rosenthal Provides $3 Million Factoring Facility for Georgia Based Chemical Company
    February 19, 2020
    Rosenthal & Rosenthal, Inc., the leading independent factoring, asset-based lending and purchase order financing firm in the United States, today announced the completion of a recent $3 million non-recourse factoring deal with Cady Industries, Inc., a specialty chemical manufacturer.
  • Experienced Consumer Financial Services Attorney Lori Sommerfield Joins Ballard Spahr in Minneapolis
    February 19, 2020
    Lori Sommerfield—a seasoned consumer financial services attorney with over two decades of legal and compliance risk management experience—has joined Ballard Spahr as of counsel in Minneapolis, firm Chair Mark Stewart announced today.
  • S&W Seed Company to Acquire Australian-Based Pasture Genetics
    February 19, 2020
    The overall transaction is valued at up to USD $13.5 million (AUD $20.0 million). Initial consideration of USD $8.1 million (AUD $12.0 million) consists of an upfront cash payment of approximately USD $0.7 million (AUD $1.0 million) and a working capital debt refinancing in the amount of approximately USD $7.4 million (AUD $11.0 million), through a new Pasture Genetics working capital debt facility guaranteed by S&W's Australian subsidiary.
  • LendingClub Announces Acquisition Of Radius Bank
    February 19, 2020
    J.P. Morgan Securities LLC served as exclusive financial advisor to LendingClub in connection with the transaction and Sullivan and Cromwell LLP served as its legal counsel. Additionally, Broadhaven Capital Partners and Piper Sandler served as financial advisors to Radius Bancorp and Hogan Lovells US LLP served as its legal counsel in connection with the transaction.
  • BlackArch Partners Announces Hiring of Will Pittman as Managing Director
    February 19, 2020
    BlackArch Partners, a leading middle-market investment bank, is pleased to announce that Will Pittman has joined the firm as Managing Director and Co-head of BlackArch's Consumer & Retail Group.
  • BOK Financial Bolsters Syndications Desk With Strategic New Hire
    February 19, 2020
    BOK Financial (BOKF), has added industry-veteran Evans Swann as the managing director of Loan Syndications for BOK Financial. Swann strengthens the firm’s growing syndications activities by adding tremendous experience in both Corporate Banking and Energy Banking
  • Trinity Capital Increases Its Capital Resources with a $300 Million Credit Facility to Support Continued Investment in Portfolio Growth
    February 19, 2020
    Trinity Capital Inc. (“Trinity” or the “Company”), a leading specialty lending company that provides debt and equipment lease financing to growth stage companies backed by technology banks, venture capital and private equity firms, today announced that effective January 16, 2020, it became a party to a $300.0 million credit facility (the “Credit Facility”) with affiliates of Credit Suisse AG.
  • Albright Capital Extends Credit Facility for Innovattel; Positions Portfolio Company to Expand Wireless Infrastructure Leadership in LatAm
    February 19, 2020
    Albright Capital Management, LP (“Albright Capital”) and Innovattel LLC (“Innovattel”) announced today that they have extended the credit facility provided by Albright Capital to Innovattel’s Argentine subsidiary, Torresec SA (“Torresec”) and agreed to the terms of a new capital commitment. Newly committed funds will be used to expand Torresec’s digital infrastructure assets in Argentina.
  • Monticello Provides $38M for Retirement Community in New Jersey
    February 19, 2020
    Monticello and its affiliates have provided $38 million in first lien debt financing for the acquisition of one rental-model retirement community in New Jersey. The community features 226 independent living units, 113 assisted living and memory care beds and 60 skilled nursing beds.
  • Pacific Western Bank Announces Credit Facility to Cradle Genomics
    February 19, 2020
    Pacific Western Bank today announced it has provided a $6 million credit facility to new client, Cradle Genomics, creator of non-invasive prenatal testing solutions to be offered at the earliest stages of pregnancy. The company will utilize the facility to support its rapidly expanding team and accelerate the development of proprietary technology enabling comprehensive and safe prenatal tests to be delivered as early as five weeks into a pregnancy.
  • Siena Lending Group LLC Surpasses $1.0 Billion In Closed Credit Facilities
    February 19, 2020
    Siena Lending Group LLC (“Siena”) announces it has surpassed $1.0 billion in closed credit facilities with the completion of a $25.0 million asset-based revolving credit facility for an integrated packaging company headquartered in California.
  • Blank Rome Welcomes Corporate Partner Masha Trainor in Pittsburgh
    February 18, 2020
    Trainor is the sixth attorney to join the Firm’s national Corporate, M&A, and Securities group in 2020. Masha focuses her practice on international and domestic mergers and acquisitions, corporate governance matters, joint ventures, private debt and equity financings, commercial transactions, and contract management, as well as venture capital and private equity transactions
  • BankFinancial NA Announces Expansion of BankFinancial Commercial Real Estate Capital Markets
    February 18, 2020
    BankFinancial NA (“the Bank”), the national banking association subsidiary of BankFinancial Corporation (Nasdaq - BFIN) announced today the expansion of BankFinancial Commercial Real Estate Capital Markets.

 

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