Meredith Closes $710 Million of Debt Financings, Redeems Series A Preferred Stock
Washington, DC – June 29, 2020 – Cooley advised Meredith Corporation on its $300 million offering of senior notes due 2025 and its $410 million incremental term loan. Partner Michael Tollini led the Cooley team advising Meredith on the financings.
Meredith used the net proceeds of the senior notes offering and incremental term loans, along with cash on hand, to redeem in full its outstanding Series A Preferred Stock and to pay fees and expenses related to the redemption, the senior notes offering and the borrowing of the incremental loans.
"We believe these steps will create significant benefits for all of our stakeholders as we pursue our previously communicated strategy to ensure ample liquidity and enhance our financial flexibility,” Tom Harty, Meredith president and chief executive officer, said in a news release.
Meredith, which trades on the NYSE as “MDP,” has been committed to service journalism for more than 100 years. Meredith uses multiple distribution platforms – including broadcast television, print, digital, mobile and video – to provide consumers with content they desire and to deliver the messages of its advertising and marketing partners.
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