Mission intends to use the net proceeds from the new loan to pay down borrowings under its existing revolving credit facility, pay shared service fees to Nexstar and for general corporate purposes.
The company said that refinancing senior secured term loans and revolving credit facility will reduce its annual interest expense by approximately $7 million.
Sinclair Broadcast Group has raised $3.725 billion of new loans and amended some terms of its bank credit facility. The new term B loans mature in 2024 and are priced at LIBOR plus 2.50%. The proceeds “are expected to be used to purchase the outstanding shares of Tribune Media Co., refinance certain of Tribune’s existing indebtedness, pay costs and expenses expected to be incurred in connection with the acquisition, and for general corporate purposes,” the company said.
Sinclair Broadcast Group announced today that its Sinclair Television Group intends to amend certain terms and extend the maturity date of bank loans. Sinclair said it wants to extend the maturity date of its term B loans from April 9, 2020, and July 31, 2021, to January 2024. In connection with the extension, Sinclair also […]
Sinclair Broadcast Group has deals pending to buy Four Points Media for $200 million and the TV stations of Freedom Communications for $385 million, so it recently announced negotiations with its bankers for additional borrowing. Now the deal is done.