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Sinclair Announces Any and All Private Debt Exchange Offer and Consent Solicitation of 4.375% Second-Out First Lien Secured Notes of Sinclair Television Group
BALTIMORE--(BUSINESS WIRE)-- Sinclair, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair") today announced that Sinclair Television Group, Inc. (“STG” or the
About this update from Sinclair, Inc.
[{"type":"text","content":" BALTIMORE--(BUSINESS WIRE)--\nSinclair, Inc. (Nasdaq: SBGI), the \"Company\" or \"Sinclair\") today announced that Sinclair Television Group, Inc. (“STG” or the “Issuer”) has commenced a private exchange offer (the “Exchange Offer”) to Eligible Holders (as defined below) of 4.375% Second-Out First Lien Secured Notes due 2032 (144A CUSIP / ISIN: 829259BF6 / US829259BF69; REG S CUSIP / ISIN: U8275QAN0 / USU8275QAN08) (the “Exchange Second-Out Notes”) for any and all of the Issuer’s outstanding 4.125% Senior Secured Notes due 2030 (144A CUSIP / ISIN: 829259BA7 / US829259BA72; REG S CUSIP / ISIN: U8275QAK6 / USU8275QAK68) (the “Existing Notes”), on the terms and subject to the conditions set forth in a Confidential Offering Memorandum, Offer to Exchange and Consent Solicitation Statement, dated as of January 27, 2025 (the “Offer Documents”).\n\n\nConcurrently with the Exchange Offer, the Issuer is soliciting consents (the “Consent Solicitation”) from Eligible Holders of the Existing Notes with respect to certain amendments, supplements and other modifications (the “Proposed Amendments”) to the indenture governing the Existing Notes (the “Existing Indenture”). The Proposed Amendments would, among other things (a) eliminate substantially all of the restrictive covenants and certain of the events of default and related definitions contained in the Existing Indenture, (b) permit the Issuer to consummate the financing transactions (the “Other Transactions”) described in the previously disclosed transaction support agreement (the “Transaction Support Agreement”) and (c) provide for the termination of the liens on the collateral securing the Existing Notes that remain outstanding following completion of the Exchange Offer and Consent Solicitation (as amended, the “4.125% Unsecured Notes”), with the 4.125% Unsecured Notes constituting senior unsecured obligations of the Issuer and the guarantors, subordinated in right of security to all existing and future senior secured obligations of the Issuer and the guarantors. Holders of Existing Notes may validly deliver their consents in the Consent Solicitation by tendering Existing Notes, in which case the holders will be deemed to have delivered their consents (the “Exchange and Consent Option”) or by delivering their consents without tendering Existing Notes (the “Consent Only Option”) Eligible...