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Sinclair Announces Final Settlement of Private Debt Exchange Offer of Diamond Sports Group
BALTIMORE--(BUSINESS WIRE)-- Sinclair Broadcast Group, Inc. (“Sinclair” or the “Company”) (Nasdaq: SBGI) today announced that on March 15, 2022, the
About this update from Sinclair, Inc.
[{"type":"text","content":" BALTIMORE--(BUSINESS WIRE)--\nSinclair Broadcast Group, Inc. (“Sinclair” or the “Company”) (Nasdaq: SBGI) today announced that on March 15, 2022, the Company’s 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”), completed the final settlement of their 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 Secured Second Lien 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”). The Exchange Offer and concurrent consent solicitation (the “Consent Solicitation”) were conducted 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\nAs previously announced, 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Existing Secured Notes not owned by the Issuers or any of their affiliates, had been validly tendered (and not validly withdrawn) pursuant to the Exchange Offer and the corresponding consents were delivered (and not validly revoked) pursuant to the Consent Solicitation.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 a result, the aggregate principal amount of Exchange Secured Second Lien Notes that was issued in exchange for Existing Secured Notes tendered on or prior to the Early Tender Time was approximately $3,036 million. Settlement for such Exchange Secured Second Lien Notes occurred on March 1, 2022.\n\nThe Exchange Offer and the Consent Solicitation expired at 11:59 P.M. on March 14, 2022 (the “Expiration Time”). Eligible Holders of the Existing Secured Notes who validly tendered (and did not validly withdraw) their Existing Secured Notes after the Early Tender Time but at or prior to the Expiration Time receive only the exchange consideration listed below, as described in th...