Scripps Prices Senior Notes Offering

The E.W. Scripps Co.’s wholly-owned subsidiary, Scripps Escrow II, has priced an offering of $550 million aggregate principal amount of new 3.875% senior secured notes and $500 million aggregate principal amount of new 5.375% senior unsecured notes.

The secured notes will mature in 2029 and the unsecured notes will mature in 2031.

On Sept. 24, Scripps announced it would acquire the national broadcast network Ion Media for $2.65 billion. Today, the FCC approved the acquisition.

Scripps intends to use the proceeds from the notes offering to finance the Ion Media acquisition, together with the proceeds of other financing transactions, currently expected to include a $600 million preferred equity investment from Berkshire Hathaway, an incremental term loan of $800 million and $336 million of cash from the balance sheet. The incremental term loan was increased from $650 million to $800 million and the size of the secured notes was decreased from the previously announced offering size of $700 million.