(Reuters) - Gannett said the securities carry an interest rate of 0.23
of a percentage point below one-month Libor , equal to an initial rate of 5.09 percent. They
are convertible into shares at $92.14, a 70 percent premium
over Gannett's Tuesday closing price of $54.20.
Convertible debt is a stock-bond hybrid that usually offers
current income, and can be converted into company stock.
Moody's Investors Service rates the Gannett debt "A3" and
Standard & Poor's rates it "A-minus," their fourth lowest
investment grades.
Read more at Reuters.com Bonds News
of a percentage point below one-month Libor , equal to an initial rate of 5.09 percent. They
are convertible into shares at $92.14, a 70 percent premium
over Gannett's Tuesday closing price of $54.20.
Convertible debt is a stock-bond hybrid that usually offers
current income, and can be converted into company stock.
Moody's Investors Service rates the Gannett debt "A3" and
Standard & Poor's rates it "A-minus," their fourth lowest
investment grades.
Read more at Reuters.com Bonds News
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