The E.W. Scripps Co. has launched an offering of $650 million of new senior secured second-lien notes.
Scripps, which made the announcement ahead of Monday’s Opening Bell on Wall Street, says the notes are expected to mature in 2030.
The private offering is subject to market conditions and other factors and is exempt from the registration requirements of the Securities Act of 1933, as amended.
The notes will be guaranteed by certain of Scripps’s existing and future subsidiaries and will be secured on a second-lien basis by substantially all of the existing and future assets of the company, subject to customary exceptions, and guaranteed by each of the subsidiaries that also provide guarantees of the company’s credit facilities.
Scripps intends to use the net proceeds of this offering to redeem all of the company’s outstanding 5.875% senior notes due 2027; pre-pay a portion of the existing outstanding borrowings under the company’s term loan B-2 facility due in 2028 and; pay the fees and expenses relating to this transaction.
