8-K
filed April 11, 2025, 7:59 PM ET
ticker SSP
CIK 0000832428
debt
confidence high
sentiment positive
materiality 0.75
E.W. SCRIPPS Co (SSP): debt financing — Scripps completes $1.2B refinancing, extends maturities on term loans and revolver
E.W. SCRIPPS Co
- Refinanced $110.8M of B-2 term loans into new B-2 loans due 2028; repaid remaining $608.5M with cash and new A/R securitization proceeds.
- Refinanced $540.2M (99.8%) of existing B-3 term loans with $340.2M new B-3 loans due 2029 and $200M new B-2 loans due 2028.
- Replaced existing revolver with $208M revolver due July 2027 and $70M non-extended revolver due Jan 2026.
- Entered new $450M accounts receivable securitization facility; drew $362.1M at closing.
- Post-closing: $545.2M new B-2 loans, $340.2M new B-3 loans, $278M total revolving commitments.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
E.W. SCRIPPS Co incurred credit facility of aggregate commitments of up to $450.0 million (the “A/R Securitization Facility”).
- Instrument
- credit facility
- Principal
- aggregate commitments of up to $450.0 million (the “A/R Securitization Facility”)
- Event
- incurrence
Exact text from the filing
entered into a new accounts receivable securitization facility (the “A/R Securitization Facility”) with aggregate commitments of up to $450.0 million
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
E.W. SCRIPPS Co incurred term loan of approximately $340.2 million aggregate principal amount of New B-3 Term Loans outstanding with JPMorgan Chase Bank N.A., as administrative agent and collateral agent at adjusted term SOFR (subject to a 1.00% floor) plus an applicable margin of 3.35% maturing November 30, 2029.
- Instrument
- term loan
- Principal
- approximately $340.2 million aggregate principal amount of New B-3 Term Loans outstanding
- Counterparty
- JPMorgan Chase Bank N.A., as administrative agent and collateral agent
- Rate
- adjusted term SOFR (subject to a 1.00% floor) plus an applicable margin of 3.35%
- Maturity
- November 30, 2029
- Event
- incurrence
Exact text from the filing
The New B-3 Term Loans will mature on November 30, 2029, provided, however, that if (i) on the date that is 91 days before the stated maturity date of the 2027 Unsecured Notes, more than $50.0 million in aggregate principal amount of the 2027 Unsecured Notes (or any refinancing or successive refinancing thereof that matures less than 91 days after the then latest maturity date of the New B-3 Term Loans) is then outstanding, the New B-3 Term Loans will mature on such date and (ii) on the date that is 91 days before the stated maturity date of the Company’s 3.875% senior secured notes due January 15, 2029 (the 3 “2029 Secured Notes”), more than $50.0 million in aggregate principal amount of the 2029 Secured Notes (or any refinancing or successive refinancing thereof that matures less than 91 days after the then latest maturity date of the New B-3 Term Loans) is then outstanding, the New B-3 Term Loans will mature on such date. The New B-3 Term Loans bear interest at a rate per annum base
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
E.W. SCRIPPS Co incurred revolving credit of aggregate commitments of up to $70.0 million (the “New Non-Extended Revolving Credit Facility”) with JPMorgan Chase Bank N.A., as administrative agent and collateral agent.
- Instrument
- revolving credit
- Principal
- aggregate commitments of up to $70.0 million (the “New Non-Extended Revolving Credit Facility”)
- Counterparty
- JPMorgan Chase Bank N.A., as administrative agent and collateral agent
- Event
- incurrence
Exact text from the filing
another revolving credit facility under the New Credit Agreement with aggregate commitments of up to $70.0 million (the “New Non-Extended Revolving Credit Facility”
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
E.W. SCRIPPS Co incurred term loan of approximately $545.2 million aggregate principal amount of New B-2 Term Loans outstanding with JPMorgan Chase Bank N.A., as administrative agent and collateral agent at adjusted term SOFR (subject to a 1.00% floor) plus an applicable margin of 5.75% maturing June 30, 2028.
- Instrument
- term loan
- Principal
- approximately $545.2 million aggregate principal amount of New B-2 Term Loans outstanding
- Counterparty
- JPMorgan Chase Bank N.A., as administrative agent and collateral agent
- Rate
- adjusted term SOFR (subject to a 1.00% floor) plus an applicable margin of 5.75%
- Maturity
- June 30, 2028
- Event
- incurrence
Exact text from the filing
The New B-2 Term Loans will mature on June 30, 2028, provided, however, that if on the date that is 91 days before the stated maturity date of the Company’s 5.875% senior notes due July 15, 2027 (the “2027 Unsecured Notes”), more than $50.0 million in aggregate principal amount of the 2027 Unsecured Notes (or any refinancing or successive refinancing thereof that matures less than 91 days after the then latest maturity date of the New B-2 Term Loans) is then outstanding, the New B-2 Term Loans will mature on such date. The New B-2 Term Loans bear interest at a rate per annum based on, at the Company’s election, either (1) adjusted term SOFR (subject to a 1.00% floor) plus an applicable margin of 5.75%
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
E.W. SCRIPPS Co incurred revolving credit of aggregate commitments of up to $208.0 million (the “New Initial Revolving Credit Facility”) with JPMorgan Chase Bank N.A., as administrative agent and collateral agent maturing July 7, 2027.
- Instrument
- revolving credit
- Principal
- aggregate commitments of up to $208.0 million (the “New Initial Revolving Credit Facility”)
- Counterparty
- JPMorgan Chase Bank N.A., as administrative agent and collateral agent
- Maturity
- July 7, 2027
- Event
- incurrence
Exact text from the filing
existing revolving credit facility (the “Existing Revolving Credit Facility”) with a revolving credit facility under the New Credit Agreement with aggregate commitments of up to $208.0 million (the “New Initial Revolving Credit Facility”) and another revolving credit facility under the New Credit Agreement with aggregate commitments of up to $70.0 million (the “New
View on SEC.gov
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