The E.W. Scripps Company has priced its offering of $400 million of new senior unsecured notes at 5.125%.
The notes were priced at par and will mature in 2025.
Proceeds from the offering will be used to repay the existing $391 million term loan B due in 2020, to pay related fees and expenses, and for general corporate purposes.
The notes are guaranteed by certain of the company’s existing and future subsidiaries. The sale of the notes is expected to be completed on Friday, April 28, subject to customary closing conditions.
The notes and related guarantees have not been and will not be registered under the Securities Act of 1933 or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption.
The notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A of the Securities Act, or outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act.
Scripps owns and operates 33 broadcast TV stations across 24 markets, and owns 34 radio stations in eight markets.
It also owns multi-platform satire and humor brand Cracked, podcast industry leader Midroll Media, and OTT video news service Newsy.
Additionally, Scripps produces television programs including “THE LIST” and ”The Now.”