Business
Sinclair Announces 99.5% Early Participation and Receipt of Requisite Notes Consents in Private Debt Exchange Offer and Consent Solicitation of Diamond Sports Group
BALTIMORE--(BUSINESS WIRE)-- Sinclair Broadcast Group, Inc. (“Sinclair” or the “Company”) (Nasdaq: SBGI) today announced the early participation and consent
About this update from Sinclair, Inc.
[{"type":"text","content":" BALTIMORE--(BUSINESS WIRE)--\nSinclair Broadcast Group, Inc. (“Sinclair” or the “Company”) (Nasdaq: SBGI) today announced the early participation and consent results for its indirect subsidiaries, Diamond Sports Group, LLC (“Diamond Sports Group”) and Diamond Sports Finance Company (the “Co-Issuer,” and together with Diamond Sports Group, the “Issuers”), previously announced private offer to exchange (the “Exchange Offer”) any and all of the Issuers’ outstanding 5.375% Senior Secured Second Lien Notes due 2026 (CUSIP / ISIN 25277LAF3 / US25277LAF31; U2527JAD7 / USU2527JAD73; 25277L AG1 / US25277LAG14) (the “Exchange Second Lien Secured Notes”) for any and all of the Issuers’ outstanding 5.375% Senior Secured Notes due 2026 (CUSIP / ISIN 25277LAA4 / US25277LAA44; U2527JAA3 / USU2527JAA35) (the “Existing Secured Notes”) on the terms and subject to the conditions set forth in the Confidential Offering Memorandum, Offer to Exchange and Consent Solicitation Statement, dated as of February 14, 2022 (as amended, supplemented or modified, the “Offer Documents”).\n\nThe Issuers have been advised that as of 5:00 p.m., New York City time, on February 28, 2022 (the “Early Tender Time”), approximately $3,036 million aggregate principal amount, representing approximately 99.5%, of outstanding Existing Secured Notes not owned by the Issuers or any of their affiliates, had been validly tendered (and not validly withdrawn) pursuant to the Exchange Offer and the corresponding consents were delivered (and not validly revoked) pursuant to the Consent Solicitation (as defined below). Thus, as of the Early Tender Time, the Requisite Notes Consents (as defined below) have been delivered. Assuming all of the other conditions applicable to the Exchange Offer have been deemed satisfied or waived by the Issuers, which we expect to occur today, the Issuers and the trustee under the Secured Notes Indenture will enter into a supplemental indenture to the Secured Notes Indenture reflecting the Proposed Existing Secured Notes Amendment to the Secured Notes Indenture (the “Secured Notes Supplemental Indenture”).\n\nAs previously disclosed, in conjunction with the Exchange Offer, the Issuers have also solicited consents from Eligible Holders (as defined below) of the Existing Secured Notes (the “Consent Solicitation”) to amend (the “Proposed Existing Secured No...