Scripps announces plans to redeem 2025 senior notes

Rhea-AI Summary

The E.W. Scripps Company (NASDAQ: SSP) plans to redeem $400 million in 5.125% senior notes due 2025, with cash on hand. The redemption, scheduled for May 15, 2021, will occur at a price of 102.563% of the principal amount, plus accrued interest. This initiative reflects Scripps' commitment to reducing debt incurred from strategic acquisitions. The company aims to expedite this process following the sale of digital audio assets and a record in political advertising revenue.

Positive

• Intent to reduce $400 million in debt from strategic acquisitions.
• Record political advertising revenue supports financial strategy.

Negative

• None.

CINCINNATI, April 15, 2021 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ: SSP) intends to redeem all $400 million in aggregate principal of its outstanding 5.125% senior notes due 2025 (CUSIP No. ‎811054AG0‎).

The redemption will be made in accordance with the terms of the indenture governing the notes and the terms of the notice of redemption. The notes will be redeemed with cash on hand.

Scripps will redeem the notes on May 15, 2021, at a redemption price equal to ‎102.563%‎ of the aggregate principal amount of the outstanding notes, plus accrued and unpaid interest to (but not including) the redemption date.

A notice of redemption is being delivered to all registered holders of the notes by US Bank, the trustee for the notes. Copies of the notice of redemption may be obtained by calling US Bank at (800) 934-6802.

"Scripps' highest priority for capital allocation is to move rapidly toward reducing the debt we incurred to make a series of strategic and accretive acquisitions in recent years, including the purchase of ION that transformed us into a full-scale local and national television company," Scripps President and CEO Adam Symson said. "The divestiture of digital audio assets Triton and Stitcher as well as WPIX in New York, and our record 2020 political advertising revenue, have hastened our progress toward this goal."

This announcement is for informational purposes only and is not an offer to purchase or sell or a solicitation of an offer to purchase or sell, with respect to the notes or any other securities.

About Scripps
The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As the nation's fourth-largest local TV broadcaster, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Grit, Laff and Court TV Mystery. Scripps is the nation's largest holder of broadcast spectrum. Scripps 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."

View original content to download multimedia:http://www.prnewswire.com/news-releases/scripps-announces-plans-to-redeem-2025-senior-notes-301270198.html

SOURCE The E.W. Scripps Company

FAQ

What is E.W. Scripps Company's plan for its senior notes due 2025?

E.W. Scripps Company plans to redeem all $400 million in 5.125% senior notes due 2025 on May 15, 2021.

What will be the redemption price for Scripps' senior notes?

The redemption price will be 102.563% of the principal amount, plus accrued interest.

How is Scripps funding the redemption of its senior notes?

The redemption will be funded with cash on hand.

What is Scripps' priority regarding capital allocation?

Scripps' highest priority for capital allocation is reducing the debt from recent strategic acquisitions.