MCLEAN, Va.--(BUSINESS WIRE)--Gannett Co., Inc. (NYSE: GCI) announced today it has made a prepayment of approximately $36.2 million in principal and accrued interest of its senior secured term loan facility. As a result of this prepayment, the Company reduced the outstanding principal amount under the Term Facility by $35.8 million, from $1.792 billion as of November 19, 2019 to approximately $1.756 billion.

The debt prepayment was funded with excess cash on hand, including the proceeds from the sale of a local facility that was completed prior to year-end.

“We are pleased to have begun to pay down the debt facility. Reducing our leverage is a high priority for us,” said Michael Reed, Chairman and Chief Executive Officer of Gannett. “We continue to expect that real estate sales will enable us to accelerate our debt reduction plan. In addition to this recent sale, we have another $30 million of real estate sales under contract. We expect to share additional details around the size and timing of real estate sales when we announce fourth quarter earnings.”

About Gannett

Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across our network. With an unmatched reach at the national and local level, Gannett touches the lives of nearly 140 million people monthly with our Pulitzer-Prize winning content, consumer experiences and benefits, and advertiser products and services. Gannett brands include the USA TODAY and more than 260 daily local newspaper brands, digital marketing services companies ReachLocal, WordStream, and ThriveHive and U.K. media company Newsquest. Following the completion of their recent merger, starting November 20, 2019, New Media Investment Group Inc. trades on the New York Stock Exchange under Gannett Co., Inc. and its ticker symbol has changed to “GCI”. To connect with us, visit www.gannett.com.