E.W. Scripps Company Announces Major Upsizing of Senior Notes Offering

E.W. Scripps Company Increases Senior Notes Offering

The E.W. Scripps Company, publicly traded under the NASDAQ ticker SSP, has recently announced the pricing of an impressive $750 million offering of new senior secured second-lien notes. This marks an increase of $100 million from their earlier announced size, highlighting the company's strong financial strategy in the evolving media landscape.

The senior secured notes will bear an interest rate of 9.875% and have a maturity date set for the year 2030. This offering is slated to close on August 6, 2025, pending customary closing conditions. The company has structured this private offering to comply with regulatory requirements, specifically exempting it from the registration mandates of the Securities Act of 1933.

These notes will be backed by specific existing and future subsidiaries of Scripps, and they will be secured on a second-lien basis by nearly all of the company's assets, which represents a smart move in leveraging their collateral for better financial backing. This strategic financing aims to enhance Scripps’ financial flexibility and sustainability.

The funds from this offering are to be utilized for several critical financial maneuvers, including the redemption of all outstanding 5.875% senior notes due in 2027. Additionally, Scripps plans to pre-pay a portion of its borrowings under the term loan B-2 facility due in 2028, and it will also look to repay some of its obligations under its revolving credit facilities. Part of the proceeds will be allocated to covering transaction-related fees and expenses.

It is crucial to note that the notes and related guarantees from this offering have not been registered under the Securities Act and cannot be sold in the United States unless a valid exemption applies. The offerings are specifically targeting qualified institutional buyers under Rule 144A of the Securities Act. Outside the United States, they can be offered to individuals other than