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E.W. Scripps talks $400 million eight-year notes at 5¼% area yield; pricing Friday
By Paul A. Harris
Portland, Ore., April 20 – E.W. Scripps Co. talked its $400 million offering of eight-year senior notes (Ba2/BB) to yield in the 5¼% area, according to a syndicate source.
Books close at 3:30 p.m. ET on Thursday for accounts on the East Coast of the United States and at the end of the day on Thursday for accounts on the West Coast.
The Rule 144A and Regulation S for life deal is set to price Friday morning.
Wells Fargo Securities LLC is the left bookrunner. BofA Merrill Lynch, J.P. Morgan Securities LLC and SunTrust Robinson Humphrey Inc. are the joint bookrunners.
Fifth Third, PNC Capital Markets and U.S. Bancorp Investments Inc. are the co-managers.
The notes become callable after three years at par plus 75% of the coupon.
The Cincinnati-based broadcasting company plans to use the proceeds to repay its $391 million term loan B, with any remaining proceeds to be used for general corporate purposes.
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