Gannett Co., Inc. (NYSE: GCI) announced today it has prepaid approximately $57.5 million on its five-year first lien term loan facility. As a result of this prepayment, the Company has reduced its first lien debt from $850.0 million to $792.5 million during the first quarter of 2025.
The debt repayment was funded with the proceeds from the sale of the Austin-American Statesmen that was completed on February 28, 2025, as well as cash on hand.
"As part of our long-term strategy, debt repayment remains a high priority, and we continue to make measurable progress, while also maintaining a healthy balance sheet and a strong liquidity position," said CEO Michael Reed,
“We believe we are well positioned to further improve our capital structure in 2025, and as a result, we expect to repay well over $100 million of debt through asset sales and continued free cash flow growth. We believe our recent debt repayment, combined with our expected full year growth in Adjusted EBITDA, positions us well to achieve a first lien net leverage approaching 2.0x by the end of the year."
GCI shares closed Thursday at $3.54.
