Business
Scripps announces a series of transactions to refinance its revolver and 2026, 2028 term loans
CINCINNATI, March 11, 2025 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ: SSP) has entered into a transaction support agreement (TSA) with lenders
About this update from E.w. Scripps Company (the)
[{"type":"text","content":"CINCINNATI, March 11, 2025 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ: SSP) has entered into a transaction support agreement (TSA) with lenders representing more than 70% of the aggregate principal amount of Scripps' outstanding tranche B-2 term loans due May 2026 and tranche B-3 term loans due June 2028. The company has also entered into commitment letters with accounts receivable securitization providers for a new A/R securitization facility and its revolving banks to extend a portion of its revolving credit facility through July 2027. These transactions will provide Scripps the runway and liquidity to continue the progress of its strategic and operating initiatives. \n\n \n \n \n \n \n \n\n \nThe transactions include:\nRepayment or extension of up to $1.3 billion of existing term loansThe initial consenting lenders holding existing B-2 term loans will exchange certain of their existing B-2 term loans (not otherwise repaid as part of these transactions) for new B-2 term loans due June 2028 and initial consenting lenders holding existing B-3 term loans will exchange their existing B-3 term loans for a combination of new B-2 term loans and new B-3 term loans due November 2029. New committed financings to support successful execution of the transactionsThe company executed commitment letters with new lenders to provide for a $450 million accounts receivable securitization facility, with a portion of such proceeds used to partially repay the existing B-2 term loans and certain initial consenting holders to provide new B-2 term loans, the proceeds of which will be used for cash repayment of any existing B-2 term loans not exchanged or repaid with the proceeds of the accounts receivable securitization facility. Commitment to enter into a new revolving credit facility to support go-forward liquidityThe company executed a commitment letter with certain existing lenders to provide a new $208 million revolving credit facility due July 2027. The new revolving credit facility will extend and substantially replace a portion of the company's existing revolving credit facility, with the remaining committed amount of the existing revolver still available for draw.All holders of existing B-2 term loans and existing B-3 term loans will be offered the opportunity to exchange their term loans for new B-2 term loans and/or new B-3 term loans...