09:15 AM EDT, 09/26/2024 (MT Newswires) -- Gannett ( GCI ) said Thursday it launched an exchange offer for holders of its outstanding 6% senior secured notes due 2026 as part of its debt refinancing activities.

Gannett ( GCI ) said it is offering $950 for each $1,000 principal amount of the 2026 notes as either a loan with 1.5% upfront fee or cash. Holders who validly tender their notes by Oct. 10 will get an additional $50.

The aggregate principal amount of notes outstanding is $278.5 million, Gannett ( GCI ) said. The offer is expected to run until Oct. 25.

Gannett ( GCI ) added that it is also soliciting consents to eliminate certain "restrictive covenants" and provisions in the notes.

Shares of the company were up 4.4% in recent Thursday premarket activity.

Price: 5.69, Change: +0.24, Percent Change: +4.40