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Gannett, owner of USA TODAY and more than 260 other publications, said Monday that it has refinanced about $1 billion in debt in a move that will lower the company’s interest payments and save tens of millions of dollars a year.

The new $1 billion loan, arranged by Citigroup Global Markets, will mature in February 2026, the company said, replacing debt that was due in November 2024. The deal is scheduled to close early next week.

The move refinances more than half the loan that bankrolled the merger of GateHouse Media parent New Media Investment Group and the company previously known as Gannett in November 2019. The combined company took the name Gannett.

On Wednesday morning, Brooks Brothers, which Claudio Del Vecchio purchased in 2001, succumbed to its debts amid the coronavirus crisis and filed for bankruptcy in Delaware.

The company listed both its assets and liabilities as ranging between $500 million and $1 billion.

The filing was not a surprise — WWD reported Tuesday that it was imminent. Brooks Brothers entered the process with $75 million in debtor-in-possession financing obtained from WHP Global, the newly formed brand management firm headed by Yehuda Shmidman that is among the parties interested in acquiring the business.

In addition to WHP Global, sources have said that Authentic Brands Group in partnership with Simon Property Group and Brookfield Property Partners is also interested in buying the iconic brand.

SFNet's 75th Annual Convention featured a fantastic lineup of thought leaders whose insights helped attendees see around corners and make the best decisions for their  business. From leading private debt and equity players and supply chain experts to M&A advisors, ground-breaking economists and the best minds in the legal community, industry authorities shed light on the issues affecting attendees' business now and in the future. The latest data and forecasts including all new studies dimensioning the secured finance market and examining its inter-relationships was also presented. Whether an ABL lender, factor, advisor, intermediary or other, there was something for everyone in our Network.

White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced that Wes Reagan has joined the Lender Finance Team as Managing Director of Underwriting. He will be responsible for underwriting, sourcing, structuring, and managing lender finance and ABL transactions as part of White Oak’s expanded lender finance and asset-based lending platform. Wes is based in Atlanta and will report to Neal Mulford, the Head of Underwriting and Portfolio Management.

As circumstances are moving rapidly, companies and their lenders are dealing with unprecedented times.  While companies try to determine the full impact of the current economic tailspin on their businesses, lenders are looking to understand their risks and how they can respond to them.

The credit agreement sets out the rules of the road for the relationship between a company and its lenders.  In the list of credit agreement provisions set out below we attempt to provide a map for the secured lender for navigating those rules, anticipating where there may be bumps or wrong turns and providing some guidance for where a lender may go in the credit agreement to determine its path when confronted with a borrower in distress.

Joseph Nemia looks back at 2019 and discusses what the secured finance industry can expect to see in 2020.