E.W. Scripps talks $525 million term loan at Libor plus 300-325 bps

By Sara Rosenberg

New York, March 26 – E.W. Scripps Co. launched on Tuesday its $525 million seven-year covenant-lite incremental term loan B (Ba3/BB/BB+) with price talk of Libor plus 300 basis points to 325 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

The incremental loan has 101 soft call protection for six months and amortization of 1% per annum.

Wells Fargo Securities LLC, Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc. and SunTrust Robinson Humphrey Inc. are the lead arrangers on the deal.

Commitments are due at 3 p.m. ET on April 4.

Proceeds will be used to fund the $521 million acquisition of 15 television stations in 10 markets from Cordillera Communications.

E.W. Scripps is a Cincinnati-based broadcasting and digital media company.

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