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Tegna Expects to Take on $6.8 Billion of Junk Bonds, Leveraged Loans in Buyout

  • The mix of bonds and loans has yet to be determined: sources
  • Standard General is buying the TV station broadcaster
Tegna headquarters in McLean, Virginia. 

Tegna headquarters in McLean, Virginia. 

Photographer: Andrew Harrer/Bloomberg
Updated on

Tegna Inc., a television broadcaster, is planning on borrowing around $6.8 billion in the junk bond and leveraged loan markets to help fund its buyout by Standard General LP, according to sources with knowledge of the matter.

Royal Bank of Canada will be leading the debt sale process. Other banks involved in the syndication include Goldman Sachs Group Inc and Bank of America Corp., according to the people, asking not to be named discussing a private transaction. While financing markets have been volatile, the debt raise would be concurrent with the deal close and not expected for at least six months or more.