Scripps Networks Interactive, Inc. -- Moody's assigns a Baa1 rating to Scripps Networks' new senior unsecured notes

New York, November 17, 2014 -- Moody's Investors Service assigned a Baa1 rating to Scripps Networks Interactive Inc.'s ("SNI") new $1 billion senior unsecured notes. Proceeds from the notes offering will be used for general corporate purposes and the repayment at maturity of the $885 million 3.55% Senior Notes due January 15, 2015, which were issued by one of SNI's majority-owned subsidiaries. The new notes will be pari pasu with the company's existing $650 million senior unsecured credit facility and the $500 million 2.7% senior unsecured notes due 2016 and will rank equally with all other senior unsecured future obligations of SNI. The notes will not be guaranteed by the company's subsidiaries and as a result they will be structurally subordinated to existing and future liabilities of the subsidiaries. Like the bank debt and the 2.7% senior notes, the new notes will be structurally subordinated to the company's existing $885 million senior unsecured notes due 2015, with respect to its Travel Channel assets which guarantee only the $885 million senior notes. However, since the $885 million notes will be repaid with proceeds from the new notes issuance, the subordination is temporary and not material enough to impact the parent company's debt ratings. The rating outlook for SNI is stable.

Vollständigen Artikel bei Moodys lesen