E.W. Scripps wants to increase, extend revolver, repay term loan B

By Angela McDaniels

Tacoma, Wash., April 17 – E.W. Scripps Co. is seeking to amend and restate its $100 million senior secured revolving credit facility and to repay its $391 million term loan B due 2020, according to a company news release.

The company wants to amend and restate the revolver to increase the borrowing capacity to $125 million and to extend the maturity to 2022.

The company has also launched an offering of $400 million of new senior notes expected to mature in 2025.

Proceeds from the offering will be used to repay the term loan B, to pay related fees and expenses and for general corporate purposes.

“We are taking advantage of historically low long-term interest rates to extend the maturity of our debt to 2025,” Rich Boehne, Scripps chairman, president and chief executive officer, said in the news release.

“Since this is a refinancing, we are not significantly increasing the total amount of our debt. We would have pro forma net leverage of 1.4x based on 2016 results, and that level of leverage allows us the financial flexibility we are accustomed to putting to work as we look for opportunities to grow the company.”

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.