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The Newspaper Debt Noose Starts To Choke
Philip M. Stone October 7, 2008
Gannett has borrowed $1.2 billion from its $3.9 billion unsecured revolving credit line so it could repay some $2 billion in commercial paper debt come maturity. If it didn’t have that kind of line of credit what would have happened? Maybe it was just cheaper to use the line of credit instead of trying to refinance commercial paper in these days when banks don’t like to loan for more than a day. But maybe, after all, there is good reason why Standard & Poors put America’s largest newspaper company on credit watch with a view to downgrade even though Gannett says “Our underlying fundamentals remain strong.”
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