(Article updated with information on Gannett's stock activity.)

NEW YORK (

TheStreet

) --

Gannett

(GCI) - Get Report

shares dropped yesterday following the company's announcement that it will offer $250 million of senior notes due 2015 and $250 million of senior notes due 2018 in a private offering to institutional buyers.

The offering is expected to be completed on Sept. 27 at which point the company plans to use the net proceeds to assist in paying off its debts. The company currently has a total debt of $2.63 billion.

Shares have recovered today, up 0.7% to $12.44 in morning trading. Earlier this week

Gannett shares droped slightly

after UBS analyst John Janedis initiated coverage of the publishing company with a hold rating saying the company's stock is likely to "tread water."

Shares are down more than 16% for the year.

TheStreet recently gave the company a C- or a hold rating

.

Gannett fell more than 6% in trading on Wednesday and closed at $12.36.

-- Written by Theresa McCabe in Boston.

>To contact the writer of this article, click here:

Theresa McCabe

.

>To follow the writer on Twitter, go to

@TheresaMcCabe

.

>To submit a news tip, send an email to:

tips@thestreet.com

.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.