Daily News: December 3, 2013

SunTrust Agents $275MM Scripps Facility

The E.W. Scripps Company refinanced its debt with a new $275 million senior secured credit facility. SunTrust Bank Robinson Humphrey served as administrative agent, with SunTrust, RBC Capital Markets and Wells Fargo Securities acting as joint lead arrangers and joint bookrunning managers.

The facility consists of a $200 million, seven-year term loan and a $75 million, five-year revolver. The company used net proceeds to refinance its previous senior secured credit facilities that were scheduled to mature in 2016.

“Terms of the new debt align very well with our strategic plans,” said Tim Wesolowski, CFO for Scripps. “Our ability to make acquisitions, to invest in digital opportunities and to repurchase stock is greatly enhanced by the flexibility of this covenant lite refinancing.”

Because of the refinancing, Scripps received first-time credit ratings from Moody’s Investor Service and Standard & Poor’s. Moody’s assigned a Ba2 Corporate Family Rating as well as a Ba2 to the company’s credit facilities. S&P assigned the company a BB- preliminary corporate credit rating and the senior secured credit facility a BB+ preliminary issue-level rating. The rating outlook from both rating agencies is stable.

The E.W. Scripps Company, which owns 19 local television stations and daily newspapers in 13 markets across the U.S. and an expanding collection of local and national digital journalism and information businesses, serves audiences and businesses through a growing portfolio of television, print and digital media brands.