E.W. Scripps launches $250 million term loan B at Libor plus 225 bps

By Sara Rosenberg

New York, Aug. 8 – E.W. Scripps Co. launched on Tuesday its $250 million seven-year term loan B (BB+) with price talk of Libor plus 225 basis points with no Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Bank of America Merrill Lynch and SunTrust Robinson Humphrey Inc. are the leads on the deal.

Commitments are due at 1 p.m. ET on Aug. 18.

Proceeds will be used to help fund the acquisition of Katz broadcasting networks for $302 million or a net purchase price of $292 million after accounting for its 5% ownership position in a portion of the business.

Other funds for the transaction will come from about $50 million of cash on hand.

Closing is expected on Oct. 2, subject to Hart-Scott-Rodino clearance and customary conditions.

Net secured leverage is 0.9 times and net total leverage is 3.4 times.

E.W. Scripps is a Cincinnati-based broadcasting company.

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