Sinclair Closes Private Offering Of Senior Secured Notes

Sinclair Closes Private Offering Of Senior Secured Notes

Sinclair Broadcast Group says that its wholly-owned subsidiary, Sinclair Television Group, has closed its previously announced private offering of $750 million aggregate principal amount of senior secured notes due 2030.

The 2030 notes were priced at 100% of their face amount and bear interest at a rate of 4.125% per annum payable semi-annually on June 1 and Dec. 1, commencing June 1, 2021. The 2030 notes will mature on Dec. 1, 2030.

The net proceeds from the private placement of the 2030 notes, along with cash on hand, are being used to:

  • Redeem the Issuer’s $550.0 million of 5.625% senior notes due 2024 at par plus a call premium of approximately $10.3 million.
  • Repay amounts outstanding under the Issuer’s term loan with a January 2024 stated maturity date.

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