Deborah D. McAdams /
12.02.2013 02:37 PM
Scripps Does Debt Refi
CINCINNATI – The E.W. Scripps Co. said it has refinanced its debt with a new $275 million senior secured credit facility.

The facility consists of a $200 million, seven-year term loan and a $75 million, five-year revolver. The company used net proceeds to refinance the previous senior secured credit facilities scheduled to mature in 2016.

“Terms of the new debt align very well with our strategic plans,” said Tim Wesolowski, chief financial officer for Scripps. “Our ability to make acquisitions, to invest in digital opportunities and to repurchase stock is greatly enhanced by the flexibility of this ‘covenant lite’ refinancing.”

Because of the refinancing, Scripps received first-time credit ratings from Moody’s Investor Service and Standard & Poor’s. Moody’s assigned a Ba2 Corporate Family Rating as well as a Ba2 to the company’s credit facilities. S&P assigned the company a BB- preliminary corporate credit rating and the senior secured credit facility a BB+ preliminary issue-level rating. The rating outlook from both rating agencies is stable.

SunTrust Robinson Humphrey, RBC Capital Markets and Wells Fargo Securities served as Joint Lead Arrangers and Joint Bookrunning Managers on the transaction, with SunTrust Bank serving as the administrative agent.

Post New Comment
If you are already a member, or would like to receive email alerts as new comments are
made, please login or register.

Enter the code shown above:

(Note: If you cannot read the numbers in the above
image, reload the page to generate a new one.)

No Comments Found

Tuesday 03:07 PM
WMUR-TV Says FAA Drone Rules Preclude ENG
The FAA’s current rules and proposed ban on flight over people, requirement of visual line of sight and restriction on nighttime flying, effectively prohibit broadcasters from using UAS for newsgathering. ~ WMUR-TV General Manager Jeff Bartlett

Featured Articles
Exhibitions & Events
Discover TV Technology