The media company formerly known as Gannett intends to offer some $900 million of senior notes due 2029 in a private offering “to persons reasonably believed to be ‘qualified institutional buyers.'”
The announcement from TEGNA came following Monday’s market close.
The notes will be guaranteed on a senior basis by certain subsidiaries of the company, which owns 51 television stations and four radio stations in 43 markets.
TEGNA says it intends to use the net proceeds to repay approximately $320 million of its unsecured notes bearing fixed rate interest at 5.125% due October 2019 and approximately $290 million of its unsecured notes bearing fixed rate interest at 5.125% due July 2020 and borrowings under its revolving credit agreement.
TEGNA shares finished Friday’s trading at $16.