By Connor Hart
E.W. Scripps inked a transaction support agreement with lenders regarding outstanding term loans due in May 2026 and June 2028.
The Cincinnati, Ohio, broadcaster on Tuesday also entered a deal to extend a portion of its revolving credit facility through July 2027. The transactions will provide Scripps with the ability and cash to continue making progress on its strategic and operating initiatives, the company said.
The stock rallied following the company's comments, climbing 30% to $1.86 after the close. The stock is down 66% in the past year.
The deals will allow for the repayment or extension of up to $1.3 billion of existing term loans, according to Scripps.
Certain lenders holding existing B-2 term loans, due in May 2026, will exchange their existing loans that are not otherwise repaid as part of these transactions for new loans, due June 2028, the company said. Meanwhile, certain lenders with existing B-3 term loans, due in June 2028, will exchange for loans due in November 2029.
The company said it executed commitment letters with new lenders to provide for a $450 million accounts receivable securitization facility, a portion of which will go toward repaying the B-2 and B-3 term loans.
E.W. Scripps also entered a new revolving credit facility, under which certain existing lenders will provide a new $208 million facility due July 2027, to support the company's liquidity moving forward, it said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
March 11, 2025 16:48 ET (20:48 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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