Nixon Peabody advises TEGNA in strategic refinancing during low interest-rate environment



September 10, 2020

Media Relations Manager
Jaszver Bauzon
jbauzon@nixonpeabody.com
212-224-7602

Washington, DC. Nixon Peabody advised TEGNA Inc. (NYSE: TGNA) on its private placement offering of $550 million aggregate principal amount of 4.750% Senior Notes due 2026 which closed today, as part of the innovative media company’s strategic plan to take advantage of the current low interest-rate environment.

“With this successful offering, TEGNA has reduced our overall average borrowing costs and locked in a lower fixed interest rate as we did earlier this year, further strengthening our balance sheet as part of advancing our five-pillar strategy to drive long-term value creation,” said Dave Lougee, president and CEO, TEGNA.

TEGNA intends to use the net proceeds to redeem $350 million aggregate principal amount of its 4.875% Senior Notes due 2021 and $188 million aggregate principal amount of its 5.500% Senior Notes due 2024.

As part of TEGNA’s strategic plan, Nixon Peabody also represented the company on its $1.0 billion private placement of its 4.625% Senior Notes due 2028, the net proceeds of which were also used to redeem outstanding senior notes and to repay borrowings under its revolving credit agreement.

Both the January and September private placement offerings were conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933.

“It was an honor working with TEGNA in navigating this dynamic market,” said John Partigan, a partner in Nixon Peabody’s Corporate practice group who led the deal team that advised TEGNA. “On behalf of our deal team, congratulations to TEGNA and we look forward to continuing our close relationship.”

In addition to John, Nixon Peabody’s deal team included Corporate partners Richard Langan, Brian Kopp and Sean Clancy, and associates Pierce Han and Bohao Zhou.

Click here for more information from the press release: TEGNA Announces Completion of $550 Million Offering of Senior Notes.

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