Simpson Thacher Represents Initial Purchasers in $1.1 Billion Debt Offering by TEGNA
09.13.19
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The Firm represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with a Rule 144A/Reg S offering by TEGNA Inc. (“TEGNA”) of $1.1 billion aggregate principal amount of 5% Senior Notes due 2029. The deal was upsized from $900 million to $1.1 billion. The net proceeds from the transaction were used to repay a portion of TEGNA’s existing notes and borrowings under its revolving credit facility that were used to finance the acquisition of certain broadcast stations. In addition, the Firm represented JPMorgan Chase Bank in connection with an amendment to TEGNA’s credit agreement.
TEGNA (NYSE: TGNA) is a leading local news and media content provider with 51 television stations and four radio stations in 43 markets.
The Simpson Thacher team for the transaction included David Azarkh, Mark Brod, Eva Kang, Ashley Yoon and Hyo Min Kim (Capital Markets); Patrick Ryan and Jonathan Zane (Credit): Jon Cantor and Edward Grais (Tax); Ashlie Lawton (Executive Compensation and Employee Benefits); Michael Isby (Environmental); Melanie Jolson (Intellectual Property); and Jennie Getsin (Blue Sky).