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Scripps Networks Prices $1B Bond Offering - Multichannel

Scripps Networks Prices $1B Bond Offering

Proceeds to Help Refinance Debt
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Scripps Networks Interactive said it has priced a $1 billion bond offering, part of the proceeds of which will be used to pay down existing debt.

The sale of the senior notes -- $500 million of 2.75% senior notes due 2019 and $500 million of 3.90% senior notes due 2024 is expected to close on Nov. 24, subject to customary closing conditions.

Scripps Networks, parent of the Food Network and  HGTV, said it intends to use the net proceeds from this 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., are acting as joint book-running managers for the offering.  

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