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Scripps sets talk in downsized $1.05 billion two-part notes offering; pricing Tuesday
By Paul A. Harris
Portland, Ore., Dec. 15 – E.W. Scripps Co. downsized its two-part offering of high-yield notes to $1.05 billion from $1.2 billion and set price talk on Tuesday, according to market sources.
The revised notes offering features a downsized $550 million amount of senior secured notes due Jan. 15, 2029 (Ba3/BB-/BB), which are callable after three years at par plus 50% of the coupon. The notes are talked to yield in the 4% area, which is tight to initial talk in the low 4% area. The secured tranche was downsized from $700 million with the shift of $150 million of proceeds to the concurrent term loan.
A $500 million amount of senior unsecured notes due Jan. 15, 2031 (Caa1/CCC+/B-), which is callable after five years at par plus 50% of the coupon, is talked to yield in the 5½% area, tighter than initial talk in the high 5% area.
Books close at noon ET on Tuesday, and the notes are set to price thereafter.
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.
With the shift of proceeds to the term loan from the bonds, the loan size increased to $800 million from $650 million.
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