TEGNA Inc. closed the sale of $1 billion of its 4.625% senior notes due March 15, 2028.

The notes will rank equally with the company's outstanding bonds and credit agreement. TEGNA may, at its option, redeem the notes at the redemption prices on or after March 15, 2023, according to an SEC filing.

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

The company intends to use the net proceeds to repay the remaining $310 million principal amount of its 5.125% senior notes due 2020, the $650 million principal amount of its 6.375% senior notes due 2023 and borrowings under its revolving credit agreement.