E.W. Scripps trims spread on $200 million term B to Libor plus 250 bps

By Sara Rosenberg

New York, Nov. 20 - E.W. Scripps Co. reduced pricing on its $200 million covenant-light seven-year term loan B to Libor plus 250 basis points from Libor plus 275 bps, according to a market source.

Furthermore, the original issue discount on the term loan was tightened to 99¾ from 991/2, the source said.

The B loan still has a 0.75% Libor floor and 101 soft call protection for six months.

The company's $275 million senior secured credit facility (Ba2/BB+) also provides for a $75 million five-year revolver.

Recommitments were due at 5 p.m. ET on Wednesday, the source added.

SunTrust Robinson Humphrey Inc. is leading the deal.

Proceeds will be used to refinance existing debt.

Senior and total pro forma leverage is expected to be 1.9 times.

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

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