New Media Investment Group sells 7 million shares, boosting cash position by $152 million
Net proceeds will be used for working capital and possibly new acquisitions of local media businesses
NEW YORK, NY – January 20, 2015 — New Media Investment Group Inc. announced today that it has completed the sale of 7,000,000 shares of its common stock. The gross proceeds of the sale were approximately $152 million, before deducting underwriting discounts and commissions and offering expenses. All of the shares were offered by the Company and were issued pursuant to an effective registration statement filed with the Securities and Exchange Commission.
New Media intends to use the net proceeds from this offering for working capital and other general corporate purposes, which may include potential investments in, and acquisitions of, local media businesses and assets and the repayment of the Company’s senior secured indebtedness.
Citigroup and Credit Suisse Securities (USA) LLC are the joint book-running managers for the offering. The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained from: Citigroup, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Telephone: (800) 831-9146; or Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York 10010, Telephone: (800) 221-1037, Email: firstname.lastname@example.org.
A registration statement relating to these securities was declared effective on January 15, 2015 by the U.S. Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of common stock, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.