By Cristal Cody
Tupelo, Miss., Sept. 11 – Tegna Inc. (Ba2/BB) priced an upsized $1.1 billion offering of senior notes due 2029 on Wednesday at par to yield 5%, according to a market source and a news release.
Initial price talk was in the 5% to 5¼% area.
The offering was upsized from $900 million.
J.P. Morgan Securities LLC was the bookrunner of the Rule 144A and Regulation S transaction.
The notes will be guaranteed on a senior basis by certain subsidiaries of the company.
Proceeds will be used to repay about $320 million of its 5 1/8% notes due October 2019 and about $290 million of 5 1/8% notes due July 2020 and borrowings under its revolving credit agreement.
Tegna is a television and radio station owner and operator based in Tysons, Va.
| Issuer: | Tegna Inc.
|
| Guarantors: | Certain subsidiaries
|
| Amount: | $1.1 billion
|
| Description: | Senior notes
|
| Maturity: | 2029
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Call protection: | Sept. 15, 2024
|
| Trade date: | Sept. 11
|
| Settlement date: | Sept. 13
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5%-5¼% area
|
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