The E.W. Scripps Company said after Thursday’s Closing Bell that it intends to redeem all $400 million in aggregate principal of its outstanding 5.125% senior notes due 2025.
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 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.
“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,” said Scripps President/CEO Adam Symson. “The divestiture of digital audio assets Triton and Stitcher as well as WPIX-11 in New York, and our record 2020 political advertising revenue, have hastened our progress toward this goal.”
