The E.W. Scripps Company on Wednesday completed the repricing of its $765
million term loan B maturing in 2026.
In doing so, it reduced the interest rate — by 0.25%.
Interest will be paid at a rate based on the London Interbank Offered Rate (LIBOR), plus a margin of 2.50%.
There were no other changes to the terms of the loans.
Investors seemed nonplussed by the announcement. As of 1:45pm ET, SSP was trading at $15.14, down a penny from Tuesday’s close.
Scripps shares are trading largely where they were in June and July, before a dip that saw SSP fall to $11.39 a share on August 23.
That compares to early April, when shares topped $23 a share.
Scripps’ five-year chart is full of ups and downs. Investors can only hope that the latest downturn and rebound will result in renewed growth for SSP, as is the stock’s pattern.