By Paul A. Harris
Portland, Ore., April 20 – E.W. Scripps Co. priced a $400 million issue of eight-year senior notes (Ba2/BB) at par to yield 5 1/8% on Thursday, according to a syndicate source.
The yield printed at the tight end of yield talk in the 5¼% area.
Timing was moved ahead; the deal had been expected to remain in the market until Friday.
Wells Fargo Securities LLC was the left bookrunner. BofA Merrill Lynch, J.P. Morgan Securities LLC and SunTrust Robinson Humphrey Inc. were the joint bookrunners.
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.
| Issuer: | E.W. Scripps Co.
|
| Amount: | $400 million
|
| Maturity: | May 15, 2025
|
| Securities: | Senior notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc.
|
| Co-managers: | Fifth Third Securities, PNC, U.S. Bancorp Investments Inc.
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Spread: | 296 bps
|
| Call protection: | Three years
|
| Trade date: | April 20
|
| Settlement date: | April 28
|
| Ratings: | Moody's: Ba2
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¼% area
|
| Marketing: | Roadshow
|
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