Gannett has drawn down $1.2bn of its borrowing facilities, the publisher of USA Today announced on Friday night, demonstrating the growing rush by businesses to lock in funding as commercial paper markets shut down around them.

The decision, which took Gannett’s borrowing under such facilities to $1.9bn, followed similar moves by Goodyear, General Motors and Duke Energy. The publisher, which is suffering from a broad decline in the US newspaper market, tapped agreements with Bank of America, JPMorgan Chase and Barclays, saying the new borrowings would be used to repay commercial paper.