Tegna extends $1.51 billion revolving, LoC commitments to 2023

By Marisa Wong

Morgantown, W.Va., June 22 – Tegna Inc. amended on Thursday its amended and restated competitive advance and revolving credit agreement dated Dec. 13, 2004 to extend the $1,505,300,000 of revolving credit commitments and letter-of-credit commitments until June 21, 2023, according to an 8-K filing with the Securities and Exchange Commission.

Among other things, the amendment also extends the company’s permitted total leverage ratio of 5.00 to 1.00 from June 21, 2018 through the end of the fiscal quarter ending June 30, 2019, reducing to 4.75 to 1.00 for the fiscal quarter ending Sept. 30, 2019 through the end of the fiscal quarter ending June 30, 2020 and then reducing to 4.50 to 1.00 for the fiscal quarter ending Sept. 30, 2020 and after.

JPMorgan Chase Bank, NA, Citibank, NA, Barclays Bank plc and Royal Bank of Canada are the issuing lenders under the amended credit agreement. JPMorgan Chase Bank is administrative agent; JPMorgan Chase Bank and Citibank are syndication agents; and Barclays Bank, Citizens Bank, NA, Fifth Third Bank, Mizuho Bank, Ltd., MUFG Bank, Ltd., RBC Capital Markets, Sumitomo Mitsui Banking Corp., SunTrust Bank, U.S. Bank, NA and Wells Fargo Bank are documentation agents.

Tegna is a media and digital business based in McLean, Va.

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