Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Tenders > Headlines for 2015 > News item |
Scripps plans to refinance three series of notes issued by N-Vision
By Susanna Moon
Chicago, May 18 Scripps Networks Interactive, Inc. plans to refinance three series of notes using proceeds of a $1.5 billion issue of notes, according to a 424B3 filing with the Securities and Exchange Commission.
As part of the companys merger plans, some of the issue proceeds will be used to refinance some of the debt of N-Vision BV and its subsidiaries including the following:
All of the 110 million of the 7.875% senior notes due Nov. 15, 2018 issued by TVN Finance;
43 million of the 430 million of senior notes due Dec. 15, 2020 issued by TVN Finance; and
All of the 300 million of 11%/12% senior pay-in-kind toggle notes due Jan. 15, 2021.
The company said it entered into an agreement on March 14 to acquire all of the outstanding shares of N-Vision, which holds an indirect 52.7% interest in TVN SA. The company will pay 584 million in cash and assume up to 865 million in debt of N-Vision, Polish Television Holding BV, a wholly owned subsidiary that owns the 52.7% interest in TVN.
The offering is not conditioned upon the N-Vision acquisition but, if the acquisition is not completed by Dec. 31 or the acquisition agreement is terminated by that date, the company said it will be required to redeem the notes on a special mandatory redemption date at 101 plus accrued interest to but excluding the redemption date.
Scripps is a Knoxville, Tenn.-based lifestyle content and interactive services company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.