PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. announced the closing of a $115 million senior secured financing facility for Gatehouse Media, LLC. Based in Fairport, N.Y., the company will use the funds to restructure existing debt following successful chapter 11 bankruptcy proceedings.
PNC Bank provided $65 million and will serve as administrative and collateral agent for the entire facility.
Gatehouse is one of the largest publishers of locally-based print and online media in the United States.