Tysons-based broadcast and digital media company Tegna Inc. announced Thursday it has raised $550 million in debt financing, which will go to pay outstanding debt.
“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,” Tegna President and CEO Dave Lougee said in a statement.
The company intends to use the net proceeds to repay the entire $350 million aggregate principal amount of its 4.875% senior notes due 2021 and $188 million aggregate principal amount of its 5.5% senior notes due 2024. Tegna will also use the funding for the redemption premium on its 5.5% senior notes due 2024, according to a company statement.
