The E.W. Scripps Company has priced an offering of $750 million aggregate principal amount of new 9.875% senior secured second-lien notes, an increase of $100 million from the previously announced size. These notes are set to mature in 2030, with the offering expected to close on August 6, 2025, subject to customary closing conditions.
Scripps intends to use the net proceeds from this offering to redeem all of its outstanding 5.875% senior notes due 2027. Additionally, a portion of the proceeds will be used to pre-pay outstanding borrowings under the company's term loan B-2 facility due in 2028 and to repay a portion of its revolving credit facilities.
This financing move is designed to improve the company's debt maturity profile and enhance its financial flexibility. The notes will be guaranteed by certain existing and future subsidiaries and secured on a second-lien basis by substantially all of the company's and guarantors' assets.
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