E.W. Scripps to sell $1.2 billion two-part notes offering on Tuesday

By Paul A. Harris

Portland, Ore., Dec. 14 – E.W. Scripps Co. plans to price $1.2 billion of high-yield notes on Tuesday, according to market sources.

The deal, which was scheduled to be shopped on a late Monday morning conference call with investors, features a $700 million tranche of senior secured notes due Jan. 15, 2029 (expected ratings Ba3/BB-) callable after three years at par plus 50% of the coupon, with initial talk in the low 4% area.

It also features a $500 million tranche of senior unsecured notes due Jan. 15, 2031 (expected ratings Caa1/CCC+) callable after five years at par plus 50% of the coupon, with initial talk in the high 5% area.

Left lead bookrunner Morgan Stanley & Co. LLC will bill and deliver. BofA Securities Inc., Truist Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.

Fifth Third Securities Inc. and MUFG are the co-managers.

The issuing entity will be Scripps Escrow II, Inc.

The Cincinnati-based broadcasting and digital media company plans to use the proceeds from the Rule 144A and Regulation S for life deal to finance its acquisition of ION Media, a West Palm Beach, Fla.-based television broadcast network.

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