Sinclair Closes Private Offering of Senior Secured Notes


Broadcast TV station and regional sports network owner Sinclair Broadcast Group‘s wholly owned 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 December 1, commencing June 1, 2021.

The 2030 Notes will mature on December 1, 2030.

The net proceeds from the private placement of the 2030 Notes, along with cash on hand, are being used to (i) 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 and (ii) to repay amounts outstanding under the Issuer’s term loan with a January 2024 stated maturity date.

Sinclair shares as of 3:23pm Eastern were trading at $28.62, up 15 cents from Thursday. SBGI has been trading at COVID-19 era highs for nearly one month, and is just $4 per share below its year-to-date high.