Sinclair Broadcast Group refinances some debt

Fri. October 30, 2009; Posted: 05:25 AM

Oct 30, 2009 (The Baltimore Sun - McClatchy-Tribune Information Services via COMTEX) -- SBGI | Quote | Chart | News | PowerRating -- Sinclair Broadcast Group Inc., which had said it might be forced to file for bankruptcy protection because of substantial debt coming due, announced Thursday that its wholly owned subsidiary, Sinclair Television Group Inc., has refinanced a portion of its debt under an existing bank credit facility. Sinclair said it raised a $330 million tranche B term loan maturing in October 2015 that was used to repay existing loans of $78.8 million and $216.6 million, which were to mature in December 2011. Sinclair also said it closed on the private placement of $500 million principal amount of its 9.25 percent senior secured second lien notes due in 2017. The broadcaster restructured its existing $175 million revolving credit facility, keeping about $60.5 million in place under the existing terms, and extending about $75.4 million until Dec. 31, 2013. Sinclair said the restructuring was necessary to allow the company to issue the notes, priced at 97.26 percent of their principal amount and bearing interest at a rate of 9.25 percent per year. Sinclair said it will use the net proceeds from the offering to repurchase outstanding debt from noteholders who are entitled to exercise options in May 2010 and January 2011. The company said it has a total $438 million of those convertible notes outstanding.

- Lorraine Mirabella

To see more of The Baltimore Sun, or to subscribe to the newspaper, go to
http://www.baltimoresun.com. Copyright (c) 2009, The Baltimore Sun Distributed
by McClatchy-Tribune Information Services. For reprints, email
tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax
to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave.,
Suite 303, Glenview, IL 60025, USA.

For full details on Sinclair Broadcast Gp A (SBGI) click here. Sinclair Broadcast Gp A (SBGI) has Short Term PowerRatings of 6. Details on Sinclair Broadcast Gp A (SBGI) Short Term PowerRatings is available at This Link.

More News: Market Updates | Stock Alerts | All Trading News | Stock Index

Archives

Feedback

Email Article Link

Close X

RELATED SITES

Please call 1-213-955-5858 ext. 1

Tax Relief Bank Levy Wage Garnishment

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.