Sinclair Announces Conditional Redemption of 12.750% Notes

Sinclair Announces Conditional Redemption of 12.750% Notes

BALTIMORE (February 15, 2022) – Sinclair Broadcast Group, Inc. (“Sinclair” or the “Company”) (Nasdaq: SBGI) today announced its consolidated subsidiaries, Diamond Sports Group, LLC (“Diamond Sports Group”) and Diamond Sports Finance Company (together with Diamond Sports Group, the “Issuers”), have notified the trustee (“Trustee”) for the Issuers’ 12.750% Senior Secured Notes due 2026 (CUSIP No. 25277LAE6 / U2527JAC9) (the “Notes”) that they intend to redeem, in full, the Issuers’ outstanding $31,028,000 aggregate principal amount of Notes on March 2, 2022 (the “Redemption Date”). The redemption of the Notes is conditioned upon (i) the Issuers’ receipt of consents from holders of two-thirds (66 2/3%) in aggregate principal amount of outstanding 5.375% Senior Secured Notes due 2026 (“5.375% Secured Notes”) not owned by the Issuers or any of their affiliates to the proposed amendments to the indentures for the 5.375% Secured Notes in connection with an exchange offer contemplated by the confidential offering memorandum, offer to exchange and consent solicitation statement dated as of February 14, 2022, as it may be amended (the “Exchange Offer”), (ii) Diamond Sports Group’s receipt of consents from lenders representing a majority of the aggregate principal amount of Diamond Sports Group’s outstanding term loans and unused commitments under its existing credit facility, and (iii) Diamond Sports Group obtaining no less than $635 million aggregate principal amount under a new first-priority lien term loan (the “Financing”). The Issuers intend to satisfy and discharge the indenture governing the Notes on the early settlement date of the Exchange Offer, scheduled for March 1, 2022.

Read more…DSG – Press Release (12.750% Notes Redemption)_FINAL

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