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Why Gannett Stock Skyrocketed Today

TheMotleyFool

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Shares of Gannett (NYSE: GCI) have skyrocketed today, up by 26% as of 1:15 p.m. EST, after the company restructured $500 million of debt. Management also offered some optimistic commentary around the fourth quarter.

Gannett has refinanced $500 million of debt that was bearing an 11.5% interest rate and maturing in 2024, swapping out the debt with 6% convertible notes that are due in 2027. That will give the media company, which publishes USA Today as well as many local newspapers, greater financial flexibility while reducing interest expense. The outstanding balance of Gannett's term loan has now been reduced to approximately $1.12 billion.

Image source: Getty Images.

Source Fool.com

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