Contact: Lucy Rutishauser, SVP Chief Financial Officer
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Sinclair Announces Contingent Redemption of 5.375% Notes
BALTIMORE (July 29, 2019) – Sinclair Broadcast Group, Inc. (“Sinclair” or the “Company”) (Nasdaq: SBGI) announced that its wholly-owned subsidiary, Sinclair Television Group, Inc. (“STG”), has notified the trustee for its 5.375% Senior Notes due 2021 (CUSIP No. 829259AM2) (the “Notes”) that it intends to redeem, in full, STG’s outstanding $600 million aggregate principal amount of Notes on August 13, 2019 (the “Redemption Date”). The redemption of the Notes is contingent upon the funding of $600 million of incremental term B loans (the “Incremental Term B Loans”) to finance such redemption. The Incremental Term B Loans are expected to be initially incurred either (x) as an incremental facility under STG’s existing credit agreement, if incurred prior to the effectiveness of an amendment and restatement of STG’s existing credit agreement (such amended and restated credit agreement, the “Amended and Restated Credit Agreement”) expected to be effected in connection with, among other things, STG’s incurrence of additional incremental term B loans to finance a portion of Sinclair’s $9.6 billion pending and previously announced acquisition of a regional sports networks business (“RSN”) from The Walt Disney Company, or (y) as an incremental facility under the Amended and Restated Credit Agreement, if the Incremental Term B Loans are incurred on or after the date on which the Amended and Restated Credit Agreement becomes effective.
Read more…SBGI – 5.375% Note Redemption_FINAL
Sinclair Announces Contingent Redemption of 5.375% Notes
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