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E.W. Scripps to pay down revolver with $100 million from new notes
By Wendy Van Sickle
Columbus, Ohio, July 12 – E.W. Scripps Co. plans to pay down its revolving credit facility with a $100 million upsizing of an issue of senior notes.
The company priced an upsized $500 million issue of eight-year senior notes (B3/B-/B) at par to yield 5 7/8% on Friday, according to market sources.
The issue size was increased from $400 million.
The issuing entity will be Scripps Escrow, Inc.
The Cincinnati-based broadcasting and digital media company plans to use the rest of the proceeds to help fund the acquisition of eight TV stations in seven markets from the Nexstar Media Group Inc.-Tribune Media merger divestitures.
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