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Fitch rates E.W. Scripps loan BB+, notes B
Fitch Ratings said it assigned a B+ long-term issuer default rating to the E.W. Scripps Co.
Fitch also said it assigned a BB+ with recovery rating of RR1 to the company's first-lien credit facilities and a B rating with recovery rating of RR5 to its senior unsecured notes.
The outlook is stable.
The ratings are driven by Scripps' proposed issuance of $525 million of an incremental term loan B to fund the acquisition of 15 television stations across 10 markets from Cordillera Communications in an all-cash transaction, Fitch said.
The purchase price multiple represents roughly an 8.3x multiple, including the $8 million in outlined synergies, the agency said.
That is largely in-line with recent transactions in the television broadcast space, Fitch explained.
The transaction has already received approval from the Department of Justice and is awaiting FCC approval, the agency said.
The acquisition is expected to close early in the second quarter of 2019, Fitch noted.
The agency said it believes there are operational merits with acquisition.
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