E.W. Scripps upsizes to $500 million, launches eight-year notes at 5 7/8%, pricing Friday

By Paul A. Harris

Portland, Ore., July 12 – E.W. Scripps Co. launched an upsized $500 million offering of eight-year senior notes (B3/B-/B) at 5 7/8% on Friday morning, tight to price talk in the 6% area, according to market sources.

The deal, upsized from $400 million, was heard to be playing to $1.9 billion of orders on Thursday, at initial guidance in the low-to-mid 6% area, according to an investor.

The Rule 144A for life and Regulation S bonds are set to price late Friday morning or early Friday afternoon.

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.

The additional proceeds resulting from the $100 million upsizing of the deal will be used to pay down the revolving credit facility.

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