Gannett Co Inc.’s board authorized a share buyback of up to $100 million. Gannett’s existing five-year senior secured credit agreement will provide for an incremental term loan not exceeding $50 million and transition the interest rate base from LIBOR to Term SOFR due to regulatory requirements. The existing and incremental loans under the Credit Agreement will now bear interest at a per annum rate equal to Term SOFR per annum plus the applicable credit spread adjustment—11.448 bps for one-month Term SOFR, 26.161 bps for three-month Term SOFR and 42.826 bps for six-month Term SOFR. Gannett held $141.3 million in cash and equivalents as of September 30. Net cash provided by operating activities for the quarter amounted to $40.8 million. By Anusuya Lahiri © 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.