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TEGNA prices $1.1B debt offering

TEGNA Inc. priced a $1.1 billion offering of senior notes due 2029.

The notes, which have an interest rate of 5.000%, were priced at 100% of face value. The notes may not be redeemed by the company before Sept. 15, 2024, subject to certain exceptions, the company said Sept. 11.

The notes will be guaranteed on a senior basis by certain subsidiaries of TEGNA.

The company intends to use the net proceeds to repay about $320 million of its unsecured notes bearing fixed-rate interest at 5.125% due October 2019, about $290 million of its unsecured notes bearing fixed-rate interest at 5.125% due July 2020 and borrowings under its revolving credit agreement.