TEGNA INC. (NYSE:TGNA) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.Entry Into a Material Definitive Agreement.
On June21, 2018, TEGNA Inc. (the “Company”) entered into an amendment (the “Amendment”) to that certain Amended and Restated Competitive Advance and Revolving Credit Agreement, dated December13, 2004 and effective as of January5, 2005, and as amended and restated as of August5, 2013, as further amended as of June29, 2015, as further amended as of September30, 2016 and as further amended as of August1, 2017, among the Company, the several lender parties thereto, JPMorgan Chase Bank, N.A., as administrative agent, JPMorgan Chase Bank, N.A. and Citibank, N.A., as syndication agents, and Barclays Bank PLC, Citizens Bank, N.A., Fifth Third Bank, Mizuho Bank, Ltd., MUFG Bank, Ltd., RBC Capital Markets, Sumitomo Mitsui Banking Corporation, SunTrust Bank, U.S. Bank, National Association, and Wells Fargo Bank, as documentation agents, and JPMorgan Chase Bank, N.A., Citibank, N.A., Barclays Bank PLC, Royal Bank of Canada, as applicable, as the issuing lenders (the “Credit Agreement”).
Among other things, the Amendment amends the Credit Agreement to:
| • | Extend the $1,505,300,000 of revolving credit commitments and letter of credit commitments thereunder until June21, 2023; and |
| • | Extend the Company’s permitted total leverage ratio of 5.00:1.00 from June21, 2018 through the end of the fiscal quarter ending June30, 2019, reducing to 4.75:1.00 for the fiscal quarter ending September30, 2019 through the end of the fiscal quarter ending June30, 2020, and then reducing to 4.50:1.00 for the fiscal quarter ending September30, 2020 and thereafter. |
Several of the lenders and agents and their respective affiliates have performed, and may in the future perform, various commercial banking, investment banking and other financial advisory services for the Company and its subsidiaries for which they have received, and will receive, customary fees and expenses.
The description of the Amendment contained herein is qualified in its entirety by reference to the Amendment, a copy of which will be filed as an exhibit to the Company’s next Quarterly Report on Form 10-Q.
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Item 1.01.Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
See Item 1.01 which is incorporated herein by reference.
Item 1.01.Financial Statements and Exhibits.
None
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About TEGNA INC. (NYSE:TGNA)
TEGNA Inc., formerly Gannett Co., Inc., includes a portfolio of media and digital businesses that provide content. The Company operates through two segments: TEGNA Media (Media Segment) and TEGNA Digital (Digital Segment). As of December 31, 2015, the Company’s media business included 46 television stations operating in 38 markets, offering television programing and digital content. Its Media segment includes core advertising, including local and national non-political advertising; political advertising during elections; retransmission that represents satellite and cable networks, and telecommunications companies to carry its television signals; digital that includes digital marketing services and advertising on the stations’ Websites, tablet and mobile products, and other services, such as production of programing from third parties and production of advertising material. Its Digital segment consists of business units, including Cars.com, CareerBuilder and G/O Digital.
