Business
Sinclair to Seek Partial Amendment and Extension of STG Credit Facilities
BALTIMORE--(BUSINESS WIRE)-- Sinclair Broadcast Group, Inc. (“Sinclair” or the “Company”) (Nasdaq: SBGI) announced today that its wholly-owned subsidiary,
About this update from Sinclair, Inc.
[{"type":"text","content":" BALTIMORE--(BUSINESS WIRE)--\nSinclair Broadcast Group, Inc. (“Sinclair” or the “Company”) (Nasdaq: SBGI) announced today that its wholly-owned subsidiary, Sinclair Television Group, Inc. (“STG”), intends to amend and extend the existing term loan B-1 tranche under its credit agreement, including the incurrence of new term loans in order to refinance such term loan B-1 tranche (which currently has a maturity date of January 3, 2024) with such new term loans which will provide for, among other things, a maturity date that is seven years after the effectiveness of such amendment.\n\nThe credit facility amendment is subject to market and other customary closing conditions.\n\nForward-Looking Statements:\n\nThe matters discussed in this news release include forward-looking statements regarding, among other things, future events and actions. When used in this news release, the words “outlook,” “intends to,” “believes,” “anticipates,” “expects,” “achieves,” “estimates,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including and in addition to the assumptions set forth therein, but not limited to: STG’s ability to consummate the proposed amendment and extension of certain loans under its credit facility; the potential impacts of the COVID-19 pandemic on our business operations, financial results and financial position and on the world economy, including the significant disruption to the operations of the professional sports leagues, need to provide rebates to our distributors related to canceled professional sporting events, and loss of advertising revenue due to postponement or cancellation of professional sporting events, and reduced consumer spending as a result of shelter in place and stay at home orders; our ability to generate cash to service our substantial indebtedness; successful execution of outsourcing agreements; the successful execution of retransmission consent agreements; the successful execution of network affiliation and distribution agreements; the successful execution of media rights agreements with professional sports teams; the impact of OTT and other eme...