The E. W. Scripps Company says it has completed its refinancing of certain term loans, about a month after the broadcaster said it had a deal with some of its creditors to address more than two-thirds of its outstanding debt.
The company has refinanced around $110.8 million of its prior B-2 term loans with new loans of the same kind that are now due in 2028; previously, its B-2 term loans matured in May 2026. Scripps has also refinanced around $540.2 million of its existing B-3 term loans that are now due in 2029; previously, those loans matured in June 2028.
Additionally, Scripps has replaced its existing revolving credit facility with a new one that has aggregate commitments of up to $208 million, which mature in July 2027, as well as a second non-extended revolving credit facility with aggregate commitments of up to $70 million that are due in January 2026. A new accounts receivable securitization facility has aggregate commitments of $450 million.
The transactions mean there are no existing B-2 or B-3 term loans or existing revolving commitments that are due, Scripps said. Its aggregate debt is $885.4 million across its B-2 and B-3 term loans, according to a calculation of financial data made available by the company on Thursday.
“The completion of the transactions strengthens the balance sheet by extending maturities and providing the company flexibility to continue execution of key strategic initiatives,” a spokesperson said in a press release.
