TEGNA Inc.'s Proposed Senior Unsecured Notes Rated 'BB-'

NEW YORK (S&P Global Ratings) Sept. 8, 2020--S&P Global Ratings today assigned its 'BB-' rating to TEGNA Inc.'s proposed $400 million senior unsecured notes due 2026. The recovery rating of '3' indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of payment default. The company intends to use the proceeds from these notes to redeem its existing $350 million 4.875% senior unsecured notes due 2021 and partially redeem $43 million of its existing $325 million 5.5% senior unsecured notes due 2024. The proposed transaction is leverage neutral and enhances the company's debt maturity profile. The negative outlook on TEGNA continues to reflect the uncertainty around the extent of the coronavirus' impact on TEGNA's performance and the

...TEGNA Inc. is the borrower of the following facilities: - $1.5 billion revolving credit facility maturing 2024 (outstanding balance of $835 million as of June 30, 2020); - $165 million floating rate term loans due 2020 (outstanding balance of $75 million as of June 30, 2020); - New $400 million 5.5 % senior unsecured notes due 2026; - $325 million 5.5% senior unsecured notes due 2024 (about $282 million after partial redemption); - $1 billion 4.625% senior unsecured notes due 2028; and - $1.1 billion 5% senior unsecured notes due 2029....

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