Simpson Thacher recently represented The E.W. Scripps Company (“Scripps”) in connection with a series of transactions to refinance its term loans, extend a portion of its revolving credit facility and enter into a new account receivable securitization facility. Pursuant to the transactions, 100% of the Company’s existing tranche B-2 term loans due 2026 and tranche B-3 term loans due 2028 were exchanged for a mix of new tranche B-2 term loans due in 2028 and new tranche B-3 term loans due 2029, or repaid in cash. Scripps replaced and extended its revolving credit facility, with majority of the commitments extended to July 2027. Scripps also entered into an accounts receivable securitization facility with aggregate commitments of up to $450 million. Altogether, the transactions extended Scripps’ near term debt maturities and improved liquidity to support ongoing strategic initiatives.
Founded in 1878, Scripps is a diversified media enterprise headquartered in Cincinnati, Ohio. As one of the nation’s largest local television broadcasters, Scripps operates across more than 40 markets. Scripps also owns national news outlets such as Scripps News and Court TV, along with popular entertainment brands including ION, Bounce, Grit, and Laff. Committed to its mission of creating a better-informed world, Scripps serves communities with quality journalism and other content across multiple platforms.
The Simpson Thacher team included Sandy Qusba, David Zylberberg, Zachary Weiner, Ian Kitts, and Logan Fairbourn (Restructuring); Bill Sheehan, Leah Tendler, Cem Islikci, Anita Wu, Sungjoo Ahn, Ramin Tabrizi, and Michael Thornhill-Recio (Credit); Brandan Still, Roman Ibragimov, Ian Clemens, and Khalia Williams (Credit-Securitizations); Jon Ozner, Catherine Ciriello, Jessica Ryan, and Suzie Kaufman (Capital Markets); and Jonathan Cantor and Michael Slomovics (Tax).