Business
Sinclair Prices Private Offering of Senior Secured Notes of Sinclair Television Group, Inc.
BALTIMORE, Nov. 19, 2020 /PRNewswire/ -- Sinclair Broadcast Group, Inc. ("Sinclair" or the "Company") (Nasdaq: SBGI) announced today that its wholly-owned
About this update from Sinclair, Inc.
[{"type":"text","content":"BALTIMORE, Nov. 19, 2020 /PRNewswire/ -- Sinclair Broadcast Group, Inc. (\"Sinclair\" or the \"Company\") (Nasdaq: SBGI) announced today that its wholly-owned subsidiary, Sinclair Television Group, Inc. (the \"Issuer\"), has priced its previously announced private offering for an aggregate principal amount of $750 million of Senior Secured Notes due 2030 (the \"2030 Notes\"). \n\n \n \n \n \n \n \n\n \nThe 2030 Notes were priced at 100% of their face amount and will bear interest at a rate of 4.125% per annum payable semi-annually on June 1 and December 1, commencing June 1, 2021. The 2030 Notes will mature on December 1, 2030. The private placement of the 2030 Notes is conditioned on customary closing conditions and is expected to close on December 4, 2020.\nThe net proceeds from the private placement of the 2030 Notes will be used to redeem the Issuer's $550 million of 5.625% Senior Notes due 2024 (the \"2024 Notes\") at par plus a call premium of approximately $10.3 million and to repay amounts outstanding under the Issuer's term loan with a January 2024 stated maturity date. \nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy the 2030 Notes or any other securities, nor shall there be any offer or sale of the 2030 Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. This press release is neither an offer to purchase nor a solicitation of an offer to sell the 2024 Notes, and this press release shall not constitute an offer to sell nor a solicitation of an offer to buy any securities.\nThe 2030 Notes have not been and will not be registered under the Securities Act of 1933, as amended (the \"Securities Act\") or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Accordingly, the 2030 Notes are expected to be offered and sold only (a) to persons reasonably believed to be \"qualified institutional buyers\" (as defined in Rule 144A under the Securities Act) and (b) outside the United States, to non-U.S. persons in compliance with Regulation S under the Securities Act.\nAbout Sinclair Broadcast Group, Inc.Sinclair is a diversified media company and leading provider of local sports and news. The Company owns and/or operates 23 regional sport...