Gannett is seeking to refinance its existing term loan under its senior secured credit facilities. The new senior secured term loan would be in a principal amount of up to $550 million and the lenders are anticipated to include funds managed by affiliates of Apollo Capital Management.
Citigroup Global Markets arranged a $1.045 billion term loan for Gannett, which will use the term loan to refinance the 11.5% term loan entered into for the acquisition of Gannett Media Corp.
Paul Hastings announced it represented Gannett in connection with its acquisition of Belo. The Belo transaction had a total equity value of $1.5 billion.