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Gannett Repurchases Huge Debt

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Gannett said Friday it repurchased $117 million of debt in a tender offer completed Thursday night.

Gannett said $98,430,000, or about 13.5 percent of the outstanding securities, Floating Rate Notes Due 2009, were tendered in the offer. Gannett said prior to the tender offer it repurchased $19,365,000 in principal of the securities in a privately negotiated transaction.

The nation's largest newspaper publisher had offered to buy any and all of the securities in the $750 million issue at $950 for $1,000 face value. After the repurchases, Gannett said, there was a principal amount of $632,205,000 remaining.

The securities will be purchased utilizing borrowings under the company's existing credit facilities, Gannett said.