E.W. Scripps lifts term B to $300 million, revises discount to 99.875

By Sara Rosenberg

New York, Aug. 17 – E.W. Scripps Co. upsized its seven-year covenant-light term loan B to $300 million from $250 million and tightened the original issue discount to 99.875 from 99.5, according to a market source.

Pricing on the term loan remained at Libor plus 225 basis points with a 0% Libor floor.

The term loan still has 101 soft call protection for six months and amortization of 1% per annum.

Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Bank of America Merrill Lynch and SunTrust Robinson Humphrey Inc. are the leads on the deal.

Recommitments are due at 1 p.m. ET on Friday, the source added.

Proceeds will be used to fund the acquisition of Katz broadcasting networks for $302 million or a net purchase price of $292 million after accounting for its 5% ownership position in a portion of the business.

Closing is expected on Oct. 2, subject to Hart-Scott-Rodino clearance and customary conditions.

E.W. Scripps is a Cincinnati-based broadcasting company.

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