EW Scripps sets roadshow for $400 million eight-year notes backing TV station acquisitions

By Paul A. Harris

Portland, Ore., July 8 – E.W. Scripps plans to start a roadshow on Tuesday in New York City for a $400 million offering of eight-year senior notes, according to market sources.

Initial guidance has the deal coming to yield in the low-to-mid 6% area, according to a trader.

The roadshow moves to Boston on Wednesday and to the West Coast of the United States on Thursday.

The Rule 144A for life and Regulation S deal is set to price on Friday.

Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc., BofA Securities Inc., Fifth Third Securities Inc., PNC Capital Markets LLC and U.S. Bancorp Investments Inc. are the joint bookrunners.

The notes come with three years of call protection.

The issuing entity will be Scripps Escrow, Inc.

The Cincinnati-based broadcasting and digital media company plans to use the proceeds to help fund the acquisition of eight TV stations in seven markets from the Nexstar Media Group Inc.-Tribune Media merger divestitures.

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