E.W. Scripps ups revolving commitments to $125 million, extends to 2022

By Susanna Moon

Chicago, May 4 – E.W. Scripps Co. increased its revolving commitments by $25 million to $125 million and extended the maturity to April 2022, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the loans ranges from Libor plus 175 basis points to 250 bps, based on leverage.

The company amended its credit agreement on April 28 with Wells Fargo Bank, NA as administrative agent.

Wells Fargo Securities, LLC, JPMorgan Chase Bank, NA, Bank of America Merrill Lynch, SunTrust Robinson Humphrey, Inc., Fifth Third Bank, PNC Capital Markets LLC and U.S. Bank NA are the joint lead arrangers. Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Bank of America Merrill Lynch and SunTrust Robinson Humphrey, Inc. are the joint bookrunners.

SunTrust Bank is syndication agent. JPMorgan Chase Bank, NA and Bank of America, NA are the co-documentation agents.

The company entered into the credit agreement on Dec. 9, 2011 for a $88 million revolving credit facility and a $212 million term loan facility.

The company also repaid its $391 million term loan B due in 2020 using proceeds of a new notes issue.

As reported, the company priced $400 million of 5 1/8% eight-year senior notes at par April 20.

Scripps is a Cincinnati-based broadcasting company.

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