Scripps Nets Completes $1B Bond Offering

Will Use Proceeds to Refinance Debt
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Scripps Networks Interactive said it completed the issuance of $1 billion in senior notes on Nov. 24, proceeds of which will be used to pay down existing debt.

Scripps said on Monday that it completed the sale of the notes -- $500 million in 2.75% senior notes due 2019 and $500 million in 3.9% senior notes due 2024 on Nov. 24. Previously the parent of the Food Network and  HGTV, said it intended to use the net proceeds from the offering for general corporate purposes including, but not limited to paying off at maturity its $885 million in 3.55% senior notes due Jan. 15, which were issued by its Travel Channel subsidiary, according to Moody’s Investor’s Service.

Bank of America Merrill Lynch; J.P. Morgan Securities, LLC; Wells Fargo Securities, LLC; and Mitsubishi UFJ Securities (USA), Inc., acted as joint book-running managers for the offering.  

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