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Moody's rates Gannett convertibles A3
Moody's Investors Service said it assigned an A3 rating to Gannett Co., Inc.'s proposed $1 billion senior unsecured and unguaranteed floating-rate convertible notes due July 2037.
The agency maintains an A3 senior unsecured rating, a Prime-2 commercial paper rating and a stable outlook on Gannett.
The company plans to use the proceeds from the notes to retire commercial paper and for other general corporate purposes.
The notes are putable in July 2008, July 2009 and every five years beginning in July 2012, and Moody's said it believes the put right creates a significant potential short-term obligation for Gannett.
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