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The E.W. Scripps Company (NASDAQ:SSP) has launched an offering of $650 million of new senior secured second lien notes. The notes are expected to mature in 2030.
The private offering is subject to market conditions and other factors and is exempt from the registration requirements of the Securities Act of 1933, as amended. The notes will be guaranteed by certain of the company's existing and future subsidiaries and will be secured on a second-lien basis by substantially all of the existing and future assets of the company, subject to customary exceptions, and guaranteed by each of the subsidiaries that also provide guarantees of the company's credit facilities.
Scripps intends to use the net proceeds of this offering to (i) redeem all of the company's outstanding 5.875% senior notes due 2027, (ii) pre-pay a portion of the existing outstanding borrowings under the company's term loan B-2 facility due in 2028 and (iii) pay the fees and expenses relating to this transaction.
The notes and related guarantees have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption. The notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A of the Securities Act or, outside the United States, to persons other than "U.S. persons" in compliance with Regulation S under the Securities Act.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes and related guarantees and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer solicitation or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
Posted In: SSP
