08:49 AM EDT, 08/26/2024 (MT Newswires) -- Gannett ( GCI ) said Monday that it has secured a commitment from funds managed by Apollo (APO) affiliates for a debt refinancing package to extend debt maturities and reduce dilution from its 6% Senior Secured Convertible Notes due 2027.

The company said the deal includes a $900 million senior secured credit facility from Apollo, with $675 million funded initially and an additional $225 million from a delayed draw facility available later.

Apollo also agreed to exchange about $441 million in 2027 notes, partially for cash and partially for new notes maturing in 2031, Gannet said.

Net proceeds from the transactions, expected to close this fall, from the refinancing deal would be used to repay the outstanding principal of the company's five-year senior secured term loan facility maturing Oct. 15, 2026, to purchase or redeem the 6.0% first lien notes due Nov. 1, 2026 and to repurchase for cash up to 50% of the outstanding 2027 notes, the company said.

Proceeds from the delayed draw facility may be used to repurchase any additional 2026 notes that are tendered for cash at the time of closing in connection with the exchange offer, it added.