E.W. Scripps talks $400 million eight-year notes to yield in 6% area

By Paul A. Harris

Portland, Ore., July 11 – E.W. Scripps talked its $400 million offering of eight-year senior notes (B3/B-/B) to yield in the 6% area, according to market sources.

Official talk comes tight to early guidance in the low-to-mid 6% area, according to a trader.

Books closed Thursday except for accounts on the West Coast of the United States, for whom books remain open until 10 a.m. ET on Friday.

The Rule 144A for life and Regulation S deal was also scheduled to price on Friday.

Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc., BofA Securities Inc., Fifth Third Securities Inc., PNC Capital Markets LLC and U.S. Bancorp Investments Inc. are the joint bookrunners.

The notes come with three years of call protection.

The issuing entity will be Scripps Escrow, Inc.

The Cincinnati-based broadcasting and digital media company plans to use 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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