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Update: PE firm backs MNG's proposal to buy Gannet

Oak Tree Capital Management L.P. delivered a letter to MNG Enterprises Inc. stating they are "highly confident" in the company's ability to attain a debt financing package in an aggregate principal amount equal to not less than $1.73 billion in connection with MNG's proposed acquisition of USA Today publisher Gannett Co Inc.

The debt financing package will be sufficient to fully finance MNG's offer of $12 per share in cash consideration payable to Gannett's shareholders, which Gannett's board previously unanimously rejected, according to a March 20 SEC filing.

MNG Chairman R. Joseph Fuchs urged Gannett's board to start the merger discussions. "It's time for Gannett's Board of Directors to stop blocking value creation opportunities for its shareholders and engage with MNG," Fuchs said.

Oaktree Capital Management LP is a subsidiary of private equity firm Oaktree Capital Group LLC.

Moelis & Co. is acting as financial adviser to MNG, while Akin Gump Strauss Hauer & Feld LLP and Olshan Frome Wolosky LLP are serving as its legal counsel. Okapi Partners LLC is acting as MNG's proxy solicitor.