A subsidiary of Gannett Co. Inc. amended a credit agreement that will allow for $50 million in new incremental term loans and a $100 million share buyback.

The amended credit agreement for Gannett Holdings LLC was from October 2021. Citibank is administrative agent, a public filing said. Citibank and Apollo Global Funding are joint lead arrangers and joint bookrunners.

The new term loans will be fungible with the existing ones.

The amendment will transition the reference rate to the secured overnight financing rate, or Sofr, from Libor. Pricing will be Sofr+500 (50-basis-point floor), plus a credit spread adjustment, which is 26.161 bps for three-month term Sofr.

The amendment will permit up to $50 million of stock repurchases in 2022 by expanding the definition of “Permitted Restricted Payments.” This is in addition to stock repurchases allowed under other provisions of the credit agreement and other debt facilities, the company said.

In addition to the share repurchase allowance, the amendment allows the company to buy up to $100 million of 6% convertible senior secured notes due 2027 in 2022. U.S. Bank National Association is trustee on the convertible notes.

“We remain confident in our strategy and believe that our current stock price represents a significant discount to the intrinsic value of the company and its operating units,” said Michael Reed, Gannett Chairman and CEO, in a Feb. 1 statement.

Gannett Co. Inc. is a subscription-led and digitally focused media and marketing company.