Scripps reprices term loan B with lower rate

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Apr 04, 2018, 08:30 ET

CINCINNATI, April 4, 2018 /PRNewswire/ -- The E.W. Scripps Company (NYSE: SSP) has completed the repricing of its $300 million term loan B maturing in 2024, reducing the interest rate by 0.25 percent.

Interest will be paid at a rate based on the London Interbank Offered Rate (LIBOR), plus a margin of 2 percent. Interest also will automatically be further reduced to a rate of LIBOR plus a margin of 1.75 percent if the company's total net leverage, as defined by the agreement, is below 2.75.

There were no other changes to the terms of the loans.

About Scripps

The E.W. Scripps Company (NYSE: SSP) serves audiences and businesses through a growing portfolio of local and national media brands. With 33 television stations, Scripps is one of the nation's largest independent TV station owners. Scripps runs an expanding collection of national journalism and content businesses, including Newsy, the next-generation national news network; podcast industry leader Midroll Media; and fast-growing national broadcast networks Bounce, Grit, Escape and Laff. Scripps produces original programming including "Pickler & Ben," runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, "Give light and the people will find their own way."