Scripps announces a series of transactions to refinance its revolver and 2026, 2028 term loans

Core Viewpoint - The E.W. Scripps Company has entered into a transaction support agreement with lenders to restructure its debt, providing liquidity and support for its strategic initiatives [1][4]. Group 1: Transaction Details - The transactions involve the repayment or extension of up to $1.3 billion of existing term loans [2]. - Initial consenting lenders will exchange existing B-2 term loans for new B-2 term loans due June 2028 and existing B-3 term loans for a combination of new B-2 and B-3 term loans due November 2029 [2]. - A new$450 million accounts receivable securitization facility will be established, with proceeds used to partially repay existing B-2 term loans [2]. - A new $208 million revolving credit facility due July 2027 will be created to support ongoing liquidity [2]. Group 2: Impact on Debt Structure - Following the transactions, no existing B-2 term loans will remain outstanding, and remaining B-3 term loans will be subordinated to the new loans and credit facilities [3]. - The company expects to complete these transactions by April [3]. Group 3: Management Commentary - The CFO emphasized that the agreement aims to transform Scripps' balance sheet and enhance its ability to implement strategic initiatives [4]. - The company expresses gratitude for the support from existing and new investors, which contributed to the refinancing [4].