E.W. Scripps sets Nov. 3 launch for $312 million credit facility

By Sara Rosenberg

New York, Oct. 26 - E.W. Scripps Co. has scheduled a bank meeting for Nov. 3 to launch its proposed $312 million five-year credit facility, according to a market source.

SunTrust Robinson Humphrey Inc. is leading the deal that will be syndicated to banks.

The facility consists of a $100 million revolver and a $212 million term loan, both talked at Libor plus 400 basis points.

Proceeds will be used to fund the acquisition of nine stations from McGraw-Hill Broadcasting, including four stations affiliated with the ABC television network and five low-power stations affiliated with the Spanish-language network Azteca America for $212 million in cash.

Closing is expected in the first half of 2012, subject to regulatory approvals and customary conditions.

E.W. Scripps is a Cincinnati-based media enterprise with interests in television stations and newspapers.

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