Boston, MA 10/04/2013 (wallstreetpr) – Gannett Co., Inc. (NYSE:GCI) announced that it has successfully completed the $600M private placement-offering that had been announced by it earlier. This was an aggregate principal-amount of the company’s 5.125% Senior Notes that are due in 2019 and $650M aggregate-principal amount of the 6.375% Senior Notes that are due in 2023. Garcia Martore, the company’s President and Chief Executive Officer said that taking into consideration the strong interest that these notes have garnered, the company is able to raise the offering from $1B to $1.25B under very favorable terms and rates. He said that the company has always had exemplary financial-flexibility, thanks to its string balance-sheet.
Gannett Co., Inc. (NYSE:GCI) intends to utilize the net-proceeds of this offering as well as the available cash in the Belo Corp acquisition. The balance of the proceeds will be utilized for general corporate-purposes.
Thursday’s trading
In Thursday’s trading, Gannett Co., Inc. (NYSE:GCI) dropped by 1.76%. The shares opened at a price of $26.61, which was also the intraday high, and dipped to a close of $26.20. Approximately 1.95 million shares were traded on Thursday while an average volume of 1.79 million shares were traded over a 30 day period. The 52-week low of the company’s shares is $16.35 and its 52-week high is $27.04. Gannett Co., Inc. (NYSE:GCI) has a market capitalization of $86.00 billion.
