Meredith Corporation Announces Pricing of Senior Secured Notes and Grant of Additional Term Loans

DES MOINES, Iowa, June 25, 2020 / PRNewswire / – Meredith Corporation (NYSE: MDP; www.meredith.com). Meredith also announced that she had allocated $ 410 million dollars in additional term loans at an interest rate of 4.25% LIBOR.

Meredith intends to use the net proceeds of the offering of senior notes and additional term loans, together with cash on hand, to fully redeem the outstanding Series A preferred shares and to pay the costs. and expenses relating to the redemption, offering of Senior Notes and borrowing of Additional Loans. Meredith expects to complete the financing transactions on or about June 29, and to complete the redemption of the Series A Preferred Shares promptly thereafter, subject to customary closing conditions.

Senior Notes will be sold in United States to qualified institutional buyers who are qualified buyers in accordance with Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and outside United States to non-US persons in accordance with Regulation S of the Securities Act. The Senior Notes will not be registered under the Securities Act or any state securities law and, unless so registered, may not be offered or sold in United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell any securities and does not constitute an offer, solicitation or sale in any jurisdiction in which such an offer or sale would be illegal. This press release is issued in accordance with Rule 135c of the Securities Act.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release contains certain “forward-looking statements” which are subject to risks and uncertainties as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current knowledge and estimates of factors affecting the Company. and its operations. Statements in this press release that are forward-looking include, without limitation, statements regarding the intended use of the net proceeds of the Senior Notes and Additional Loans and the expected timing of the closing of such transactions and the repurchase of the Shares. Preferred Series A. Forward-looking statements can be identified by words such as may, should, expect, provide, anticipate, assume, may, will, meet, might, possibly, intend, might, predict, seek, would, believe, estimate, plans, continues, advice or perspectives, or variations of these words or similar phrases.

Actual results may differ materially from those currently expected. Factors that could adversely affect future results include, but are not limited to, market conditions, including the availability of debt capital and the terms under which such debt can be secured, if any, the impact of the COVID-19 pandemic on the Company, its customers and its suppliers; slowdowns in global, national and / or local economies; a slowdown in the national advertising market; world, national or local events which could disrupt television broadcasting; increased consolidation among major advertisers or other events depressing the level of ad spending; the unexpected loss or insolvency of one or more major customers or suppliers; integration of acquired businesses; changes in consumers’ reading, purchasing and / or television viewing habits; increased costs for paper, postage, printing, contract programming or other costs; changes in television network affiliation agreements; technological developments affecting products or distribution methods; changes in government regulations affecting the Company’s industries; increase in interest rates; the consequences of acquisitions and / or disposals; risks associated with the Company’s acquisition of Time Inc., including the Company’s ability to comply with the terms of its debt and equity financings; and the risk factors contained in the Company’s most recent annual report on Form 10-K and the most recent quarterly report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”), as well that the risk factors set out in Attachment 99.2 to the company’s current report on Form 8-K filed with the SEC on June 24, 2020, all of which are available on the SEC’s website at www.sec.gov, and other documents filed by the Company with the SEC. These risk factors may be magnified by the COVID-19 pandemic and its potential impact on the Company’s business and the global economy. The Company assumes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

ABOUT MEREDITH CORPORATION

Meredith Corporation has been committed to serving journalism for 118 years. Today, Meredith uses multiple distribution platforms, including television, print, digital, mobile and video, to deliver the content consumers want and deliver the messages of its advertising and marketing partners.

Meredith’s National Media Group reaches 190 million unduplicated U.S. consumers each month, including 120 million women and nearly 90 percent of Millennial Women. Meredith is a leader in creating content across media platforms and life stages in key areas of consumer interest such as entertainment, food, lifestyle, parenting and home. Leading national Meredith brands include PEOPLE, Better Homes & Gardens, InStyle, Allrecipes, REAL SIMPLE, SHAPE, Southern Living and Martha Stewart alive. Meredith also offers strong brand licensing activities, including more than 3,000 SKUs of branded products in 4,000 Walmart stores in the United States and on walmart.com. Meredith’s National Media Group also includes leader in affinity marketing Synapse and The Foundry, the company’s cutting-edge content creation lab and studio.

Meredith’s local media group includes 17 television stations reaching 11 percent of U.S. households and 30 million viewers. Meredith’s portfolio is focused on large, fast-growing markets, with seven stations in the country’s top 25 markets, including Atlanta, Phoenix, Saint Louis and Portland – and 13 in the Top 50. Meredith stations produce over 725 hours of local news and entertainment content each week and operate leading local digital destinations. Meredith is also the owner of MNI Targeted Media, which provides targeted advertising solutions to over 1,200 clients locally, regionally and nationally.

SOURCE Meredith Corporation

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