The E.W. Scripps Company has completed a series of previously announced refinancing transactions, which include the refinancing of approximately $110.8 million aggregate principal amount of existing tranche B-2 term loans with new tranche B-2 term loans due 2028, with remaining existing tranche B-2 term loans repaid in cash.
That is being fueled in part by proceeds from a new accounts receivable securitization facility, with approximately $223.5 million of proceeds from new tranche B-2 term loans funded by certain participating lenders and cash on hand (including from drawings under our revolving credit facilities).
Scripps is also refinancing approximately $540.2 million (99.8%) aggregate principal amount of existing tranche B-3 term loans with $200 million new tranche B-2 term loans due 2028 and $340.2 million new tranche B-3 term loans due 2029, with remaining existing tranche B-3 term loans repaid in cash with cash on hand (including from drawings under our revolving credit facilities).
Additionally, the media company led by President/CEO Adam Symson has replaced the company’s existing revolving credit facility with a new revolving credit facility with aggregate commitments of up to $208 million due July 2027 and another new non-extended revolving credit facility with aggregate commitments of up to $70 million due January 2026.
Furthermore, Scripps has entered into a new accounts receivable securitization facility with aggregate commitments of up to $450 million.
The company says that a result of the transactions, no existing B-2 term loans, existing B-3 term loans or existing revolving commitments remain outstanding and that Scripps has $545.2 million aggregate principal amount of new tranche B-2 term loans outstanding and $340.2 million aggregate principal amount of new tranche B-3 term loans outstanding.
Further, Scripps will have total aggregate revolving commitments of up to $278 million, inclusive of the new nonextended revolving credit facility set forth above.
“The completion of the transactions strengthens the balance sheet by extending maturities and providing the company flexibility to continue execution of key strategic initiatives,” Scripps said on Friday (4/11).
