Tegna announces $1.32 billion revolving credit facility, $200 million loan
McLean-based Tegna Inc., formerly Gannett Co. Inc., has entered into a $1.32 billion revolving credit facility that matures in June 2020.
The company also has a new five-year, $200 million term loan. Both facilities became effective with the completion of the spinoff of the company’s publishing business, which kept the Gannett name, on June 29.
According to a filing with the Securities and Exchange Commission, the lenders involved in the deal include JPMorgan Chase Bank, Citibank, Barclays Bank PLC, Mizuho Bank Ltd., SunTrust Bank, The Bank of Tokyo-Mitsubishi UFJ Ltd. and U.S. Bank.
“We are very pleased with the terms of our revolving credit facility and term loan, both of which reflect the financial strength and projected growth trajectory of Tegna,” Gracia Martore, the company’s president and CEO, said in a statement.
Tegna Media includes 46 television stations, including those serviced by the company. It is the largest independent station group of major network affiliates in the top 25 markets, reaching approximately one-third of all television households nationwide.
Tegna Digital includes Cars.com, an online destination for automotive consumers; CareerBuilder, a major provider of human capital solutions; and other brands such as G/O Digital, Clipper and Sightline Media Group.