McLean, Va. - Gannett, the publisher of USA Today and 84 other daily newspapers in the U.S., said that it will raise $1 billion through a public debt offering.

The convertible notes, due in 2037, will have an initial conversion rate of 10.9 shares for every $1,000 principal amount.

The offering is expected to close on Friday, with Gannett using the net proceeds to repay a portion of its outstanding U.S. commercial paper.

Related Links:
http://www.gannett.com/news/pressrelease/2007/pr062607.htm