Sinclair Announces Partial Redemption of Diamond Sports Holdings Preferred Units
BALTIMORE (December 16, 2019) – On December 13, 2019, Diamond Sports Holdings LLC (“DSH”), an indirect subsidiary of Sinclair Broadcast Group, Inc. (“Sinclair”), elected to redeem 300,000 of its Preferred Units (such units, the “Redeemed Preferred Units”) using cash dividends from DSH’s indirect subsidiary, Diamond Sports Group, LLC, and as previously discussed on Sinclair’s November 2019 third quarter earnings conference call. In accordance with the terms of the Amended and Restated Limited Liability Company Agreement of Diamond Sports Holdings, the Redeemed Preferred Units were redeemed for an aggregate redemption price equal to $301,872,333, representing 100% of the unreturned capital contribution with respect to such Redeemed Preferred Units, plus accrued and unpaid dividends with respect to such Redeemed Preferred Units up to, but not including, the redemption date, and after giving effect to any applicable rebates. After giving effect to the partial redemption, 725,000 Preferred Units of Diamond Sports Holdings remain outstanding. The window for redemption of the Preferred Units at a redemption price equal to 100% of the unreturned capital contribution plus accrued and unpaid dividends with respect to such Preferred Units began on November 22, 2019 and will continue through February 19, 2020, and DSH may redeem additional Preferred Units on or prior to February 19, 2020. Subsequent to February 19, 2020, DSH will be permitted to redeem Preferred Units at the then applicable call premium specified in its Limited Liability Company Agreement plus accrued and unpaid dividends.
Read more…SBG – Diamond Preferred Redemption PR FINAL
Sinclair Announces Partial Redemption of Diamond Sports Holdings Preferred Units
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