Tegna to bring $900 million 10-year notes to market on Wednesday

By Cristal Cody

Tupelo, Miss., Sept. 10 – Tegna Inc. (Ba2/BB) plans to tap the high-yield primary market on Wednesday with a $900 million offering of senior notes due 2029, according to a market source.

J.P. Morgan Securities LLC is 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 the company’s 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.

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